The Week
Pump prices are still falling, but at a slower pace than recently, dipping just two cents to $3.35 since last week. A slight uptick in gas demand may reflect the last hurrah for summer travelers. A storm system forming in the Atlantic may threaten falling gas prices too. Meanwhile, the national average for L2 commercial electricity did not budge.
In Oklahoma, the gas average is $2.94 today, unchanged in the last week and 57 cents less expensive than one year ago. Today’s national average is $3.35, 14 cents less than a month ago and 47cents less than a year ago.
The average for a kilowatt of electricity at an L2 commercial charging station is 39 cents in Oklahoma. The national average is 34 cents.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
8/30/24 | Week Ago | Year Ago | |
National | $3.35 | $3.37 | $3.82 |
Oklahoma | $2.94 | $2.94 | $3.51 |
Oklahoma City | $3.01 | $2.93 | $3.49 |
Tulsa | $2.81 | $2.77 | $3.47 |
Lawton | $2.90 | $2.92 | $3.34 |
Crude Oil | $75.91 per barrel (8/29/24) | $74.83 per barrel (8/23/24) | $85.55 per barrel (9/1/23) |
CURRENT EV COST AVERAGES
Per kWh of electricity at an L2 commercial charging station
8/29/24 | |
National | $0.34 |
Oklahoma | $0.39 |
At the close of Thursday’s formal trading session, WTI settled at $75.91 a barrel but was heading lower Friday morning. The EIA reports that crude oil inventories decreased by 0.8 million barrels from the previous week. At 425.2 million barrels, U.S. crude oil inventories are about 4% be-low the five-year average for this time of year.
According to new data from the Energy Information Administration (EIA), gas demand rose last week from 9.19 million b/d to 9.30. Meanwhile, total domestic gasoline stocks fell from 220.2 to 218.4 million barrels, and gasoline production decreased last week, averaging 9.6 million daily. Unspectacular gasoline demand and falling oil costs may cause pump prices to slide further.
The Weekend
“Gas prices have steadily declined over the course of the last month giving motorists some much needed relief at the pump, as we reach unofficial end to the summer driving season,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “And the arrival of September means cheaper winter-blend gasoline is almost here, which always helps take pressure off pump prices.”
AAA has a variety of resources to help motorists save on fuel:
- Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (http://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
- TripTik Mobile (http://www.aaa.com/mobile) plots fuel prices along your travel route.
Next Weekend Gas Watch: Friday, September 6, 2024
About AAA:
AAA provides automotive, travel, and insurance services to more than 64 million members nationwide and more than 400,000 members in Oklahoma. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, membership corporation working on behalf of motorists, who can map a route, find local gas prices and electric vehicle charging stations, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information on joining or renewing a Membership, visit www.AAA.com.