The Week

The national average for a gallon of gasoline wobbled slightly since last week before settling one cent higher at $3.60. The lack of pump price movement is typical in the days leading up to Memorial Day. However, with AAA forecasting a record 38.4 million drivers hitting the road for the long weekend, the price needle could point a bit higher, at least temporarily.

In Oklahoma, the gas average is $3.12 today, unchanged in the last week and 4 cents more expensive than one year ago. Today’s national average is $3.60, 6 cents less than a month ago but 4 cents more than a year ago. 

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

5/24/24

Week Ago

Year Ago

National

$3.60

$3.59

$3.56

Oklahoma

$3.12

$3.12

$3.21

Oklahoma City

$3.20

$3.13

$3.26

Tulsa

$3.00

$3.12

$3.14

Lawton

$3.04

$2.99

$3.02

Crude Oil

$77.72 per barrel (5/24/24)

$80.06 per barrel (5/17/24)

$72.35 per barrel (5/26/23)

At the close of Friday’s formal trading session, WTI settled at $77.72, falling 2.3% on the week. Crude oil saw its lowest finish since February 23 on Thursday as investors face jitters over global demand. Eyes will look ahead to the June 2 OPEC+ meeting to see if the group will extend further production cuts due to end at the end of June.

According to new data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.87 million barrels per day to 9.31 last week. Meanwhile, total domestic gasoline stocks decreased slightly from 227.8 to 226.8 million barrels, while gasoline production increased last week, averaging 10.0 million daily barrels. An increase in gasoline demand paired with falling oil prices could cause pump prices to remain relatively flat for now. 

The Weekend

“Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher,” said Rylie Fletcher, AAA Oklahoma spokesperson. “So it will be interesting to see if this year bucks that trend. This week’s move by the Biden Administration to sell off the million barrel Northeast Gasoline Supply Reserve might help stave off any regional pump price surges, but likely won’t move the national average that much.”

Road trips are expected to set a record. AAA projects 38.4 million people will travel by car over Memorial Day weekend, the highest number for that holiday since AAA began tracking in 2000. The number of drivers this year is up 4% compared to last year and 1.9% higher than in 2019. Traveling by car is appealing for many people because of the convenience and flexibility it provides.

AAA has a variety of resources to help motorists save on fuel:

 

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.

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