The Week

Despite literal and figurative storm clouds here and abroad, the national average for a gallon of gas still fell by four cents from last week to $3.18. The devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages. Meanwhile, the average cost of public EV charging remained unchanged.

Overseas, the ongoing tensions between Iran and Israel are fueling fears that a war could disrupt oil shipments through the Straits of Hormuz, a vital chokepoint for maritime traffic. This has led to oil prices creeping higher.

In Oklahoma, the gas average is $2.76 today, down 7 cents in the last week and 76 cents lower than one year ago. Today’s national average for a gallon of gas is $3.18, 15 cents less than a month ago and 60 cents less than a year ago.

The nation’s top 10 least expensive gasoline markets are Mississippi ($2.67), Tennessee ($2.72), Louisiana ($2.74), Alabama ($2.76), Oklahoma ($2.76), Texas ($2.78), Arkansas ($2.80), Missouri ($2.82), Kentucky ($2.85), and Kansas ($2.85).

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Yesterday’s national average for a kilowatt of electricity at a public charging station is 35 cents.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

10/4/24

Week Ago

Year Ago

National

$3.18

$3.22

$3.78

Oklahoma

$2.72

$2.83

$3.49

Oklahoma City

$2.84

$2.84

$3.64

Tulsa

$2.78

$2.80

$3.51

Lawton

$2.64

$2.76

$3.28

Crude Oil

$74.40 per barrel (10/4/24)

$68.18 per barrel (9/27/24)

$82.79 per barrel (10/6/23)

CURRENT EV COST AVERAGES

Per kWh of electricity at an L2 commercial charging station

 

10/4/24

Week Ago

National

$0.35

$0.35

Oklahoma

$0.39

$0.39

At the close of Friday’s formal trading session, WTI rose by $6.22 to settle at $74.40 a barrel. The EIA reports that crude oil inventories increased by 3.9 million barrels from the previous week. At 416.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.20 million b/d last week to 8.52. Meanwhile, total domestic gasoline stocks rose from 220.1 million barrels to 221.2, while gasoline production decreased last week, averaging 9.6 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding.   

The Weekend

“Despite the threat of war and a hurricane season that is still percolating, domestic gasoline prices are edging lower,” said Rylie Fletcher, AAA Oklahoma spokesperson. “There are now 18 states east of the Rockies with averages below $3 a gallon. And OPEC+ is saying, at least for now, they will increase production starting December 1st, putting even more downward pressure on pump prices.”  

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

Next Weekend Gas Watch: Friday, October 11, 2024 

About AAA:
AAA provides automotive, travel, and insurance services to more than 65.2 million members nationwide and more than 450,000 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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