The Week

The national average for a gallon of gas increased two cents to $3.20 since last week as large swaths of the country deal with severe back-to-back storm damage. Like Hurricane Helene, Milton will not severely impact national gasoline supplies but will affect demand in areas with destroyed infrastructure, flooded roads, and power outages.

Overseas, the tension between Iran and Israel continues, which is causing fluctuations in the price of oil and slight upward movement.

In Oklahoma, the gas average is $2.81 today, up 5 cents in the last week and 56 cents lower than one year ago. Today’s national average for a gallon of gas is $3.20, 5 cents less than a month ago and 46 cents 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 35 cents.

The nation’s top 10 least expensive gasoline markets are Georgia ($2.72), Missis-sippi ($2.75), Texas ($2.80), Arkansas ($2.81), Oklahoma ($2.81), Louisiana ($2.83), Missouri ($2.84), Kansas ($2.84), Alabama ($2.86), and Tennessee ($2.86).

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

10/11/24

Week Ago

Year Ago

National

$3.20

$3.18

$3.66

Oklahoma

$2.81

$2.76

$3.37

Oklahoma City

$2.88

$2.72

$3.34

Tulsa

$2.69

$2.78

$3.35

Lawton

$2.62

$2.64

$3.10

Crude Oil

$75.56 per barrel (10/11/24)

$74.38 per barrel (10/04/24)

$87.69 per barrel (10/13/23)

CURRENT EV COST AVERAGES

Per kWh of electricity at an L2 commercial charging station

 

10/10/24

Week Ago

National

$0.35

$0.35

Oklahoma

$0.39

$0.39

At the close of Friday’s formal trading session, WTI settled at $75.56 per barrel up 1.6% on the week as Israel prepares to retaliate against Iran.  According to new data from the Energy Information Administration (EIA), gas demand surged from 8.52 million b/d last week to 9.65. Meanwhile, total domestic gasoline stocks plunged from 221.2 million barrels to 214.9, while gasoline production increased last week, averaging 10.2 million barrels daily.   

The Weekend

“Speculation as to potential damage in the Gulf of Mexico ahead of Hurricane Milton and the tension between Israel and Iran drove pump prices slightly higher week over week,” said Rylie Fletcher, AAA Oklahoma spokesperson. “The escalating conflict in the Middle East has also caused the price of oil to rise over the uncertainty of a direct strike on Iran’s oil industry.   

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

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.

Get Local News!