Like Holiday Decorations, Gas Prices Are Coming Down

Friday, 05 January 2024 14:46

Like Holiday Decorations, Gas Prices Are Coming Down Featured

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The Week

The national average for a gallon of gas dipped slightly by four cents since last week to $3.08.  One reason could be lower demand, as fewer people are fueling up after the peak of holiday road travel. Today’s national average is 14 cents less than a month ago and 20 cents less than a year ago.

In Oklahoma, the gas average is $2.61 today, down eight cents in the last week and 32 cents lower than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million b/d last week. Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million bbl to 237 million bbl. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, drivers will likely continue to see pump prices trickle downward.  

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

1/5/24

Week Ago

Year Ago

National

$3.08

$3.12

$3.28

Oklahoma

$2.61

$2.69

$2.93

Oklahoma City

$2.53

$2.62

$2.92

Tulsa

$2.61

$2.68

$2.93

Le Flore-Sequoyah

$2.63

$2.67

$2.92

Crude Oil

$73.75 per barrel (1/5/24)

$71.65 per barrel (12/29/23)

$73.77 per barrel (1/6/23)

At the close of Friday’s formal trading session, WTI increased by $1.10 to settle at $73.75. Oil prices have increased this week amid heightened tensions in the Middle East. Shipping disruptions in the Red Sea and the potential for tighter sanctions on Iran have led to market concerns that the oil supply could tighten and transportation costs could rise. Additionally, the EIA reported that total domestic commercial crude inventories declined by 5.5 million bbl to 431.1 million bbl last week.

The Weekend

“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Rylie Fletcher, AAA Oklahoma spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”

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

Next Weekend Gas Watch: Friday, January 12, 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.
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