Roses Are Red, Violets Are Blue – Oil Costs Tick Up and Gas Prices Too

Friday, 09 February 2024 21:05

Roses Are Red, Violets Are Blue – Oil Costs Tick Up and Gas Prices Too Featured

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The Week

Sticking to the slow lane since last week, the national average for a gallon of gas dipped slightly for a few days before rising to $3.16. Seasonal demand trends, higher costs for oil, and routine refinery maintenance will likely push pump prices slowly higher soon. Today's national average of $3.16 is penny higher than one week ago, nine cents more than a month ago, but 27 cents less than a year ago.

In Oklahoma, the gas average is $2.70 today, up 4 cents in the last week and 48 cents cheaper than one year ago. Today’s national average of $3.15 is five cents more than a month ago but 34 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 3.1 million barrels to 251 million barrels. Higher gas demand and tighter supply have contributed to elevated pump prices. If demand continues to increase, drivers could see pump prices rise steadily.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 3.1 million barrels to 251 million barrels. Higher gas demand and tighter supply have contributed to elevated pump prices. If demand continues to increase, drivers could see pump prices rise steadily.

The Weekend

“Prices at the pump have been fluctuating due to higher gas demand and crude oil prices fluctuating in the $70 per barrel range,” said Rylie Fletcher, spokesperson for AAA Oklahoma. “These factors will likely contribute to gas price increases around Valentine’s Day.”

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

Next Weekend Gas Watch: Friday, February 16, 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.
 
 

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

2/9/24

Week Ago

Year Ago

National

$3.16

$3.15

$3.43

Oklahoma

$2.68

$2.70

$3.12

Oklahoma City

$2.68

$2.70

$3.12

Tulsa

$2.62

$2.68

$2.95

Lawton

$2.53

$2.55

$2.93

Crude Oil

$76.84 per barrel (2/9/24)

$72.28 per barrel (2/2/24)

$79.74 per barrel (2/10/23)

Last modified on Friday, 09 February 2024 21:14
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