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:
- 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.