Despite the surge in travel over the long Memorial Day weekend, the national average for a gallon of decreased by one cent since last week to $3.56 per gallon. In Oklahoma, the gas average is $3.22 today, down two cents in the last week and $1.04 lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.43 to 9.1 million b/d last week. Lower demand has helped to cap increases in pump prices. Meanwhile, total domestic gasoline stocks dropped slightly to 216.1 million bbl. If gas demand declines, drivers will likely see pump prices fall.
At the close of Friday’s formal trading session WTI crude oil settled at $71.75. Oil futures settled higher on Friday, but U.S. and global crude benchmarks still posted losses for the week. Oil prices initially fell this week before the passage of the U.S. debt ceiling bill, and a strong U.S. May employment report saw prices recoup some of those losses later in the week. Attention has turned toward the OPEC+ meeting in Vienna this weekend, and the most likely outcome is for production policy to be left unchanged, they said.
“Although millions hit the road last weekend, gasoline demand fell,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “Meanwhile, the cost for a barrel of oil dropped below $70 per barrel. Pump prices could dip further as the start of summer approaches.”
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.