One year ago today, the Oklahoma gas price average reached $4.67 per gallon, setting an all-time record high. Gas prices in the state have dropped 31% since last year, with today’s gas price average sitting at $3.21 per gallon.
This year, recession fears due to high inflation, somewhat curbed by ten straight Federal Reserve interest rate hikes, have pushed crude oil prices lower. When the price of crude oil drops, gas prices typically follow, as more than half the cost of a gallon of gasoline is made up of crude oil costs. Crude oil prices have dropped 40% to 50% since last June when the commodity was trading at about $120 per barrel. By comparison, the price of a barrel of West Texas Intermediate (WTI) crude has been trading in recent weeks in the upper $60s or low $70s per barrel.
There are factors that could push gas prices higher this summer – a hurricane that shuts down major U.S. refineries, war or geopolitical issues elsewhere in the world that could impact crude oil supply, or increased demand for gasoline and other energy sources. But if none of these instances occur, gas prices are not expected to reach the levels they did last summer.
“This time last year, gas prices were above $4.50 in many areas of Oklahoma, causing motorists to adjust driving and spending habits,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “Today gas prices are more than $1 per gallon less than this time last year, fueling the return of the Great American Road Trip and what is likely to be the busiest summer travel season we’ve seen in years. If Memorial Day weekend was any indication, significantly lower gas prices are driving travel plans as the summer travel season kicks into high gear.”
CURRENT AND PAST GAS PRICE AVERAGES – June 15, 2023
Regular Unleaded Gasoline (*indicates record high)
| 06/15/23 | Week Ago | Month Ago | Year Ago | |
| National | $3.59 | $3.56 | $3.54 | $5.01 ($5.02 high hit on 6/14/22) |
| Oklahoma City | $3.23 | $3.25 | $3.21 | $4.72* |
| Tulsa | $3.14 | $3.01 | $3.08 | $4.54* |
| Le Flore-Sequoyah | $3.16 | $3.14 | $3.16 | $4.65* |
| Lawton | $3.01 | $3.00 | $2.92 | $4.49 ($4.51 high hit on 6/12/22) |
AAA Gas Saving Tips
Get your vehicle checked out. Perform regular car maintenance at the intervals recommended by the vehicle manufacturer in the owner’s manual or as indicated by the in-car maintenance reminder system. Did you delay regular maintenance during the pandemic because you were driving less? Now is the time to get it looked at. Find a AAA Approved Auto Repair Facility here.
Keep tires properly inflated. Under-inflated tires can decrease your gas mileage by approximately 3 percent. Not to mention, properly inflated tires are safer and last longer. Check pressure in all four tires every two weeks with an accurate, hand-held air pressure gauge.
Know your octane. Do not purchase mid-grade or premium gas unless your owner’s manual specifically recommends it. According to AAA research, Americans waste more than $2.1 billion annually on premium gas in vehicles designed to run on regular fuel. AAA found no benefit to using premium gas instead of regular-grade fuel. At the time of the study, 70% of U.S. drivers owned a vehicle that required only regular gasoline.
Avoid idling. Idling gets zero miles per gallon. Letting your vehicle idle for more than 10 seconds uses more gas than shutting it off and restarting. Don’t start your car until you are ready to go. The engine actually warms up more quickly once the car is operating, and will stay warm after stopping. Avoid drive-up windows – park and go inside instead.
Observe the speed limit. Gas mileage decreases rapidly at speeds above 60 mph. Each 5 mph you drive over 60 mph is like paying an additional $0.15 per gallon of gas. Using cruise control on the highway helps you maintain a constant speed and, in most cases, will save gas.
Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gas. It can lower your gas mileage by 33 percent at highway speeds and by 5 percent around town.
Consolidate trips. Combining errands into one trip saves you time and money. Several short trips taken from a cold start can use twice as much fuel as a longer multi-purpose trip covering the same distance when the engine is warm. With a little planning, you can avoid retracing your route and reduce the distance you travel as well. You’ll not only save fuel, but also reduce wear and tear on your car.
Minimize drag. Drag reduces fuel efficiency. Driving with the windows open, using roof- or rear-mounted racks and carrying heavy loads increase vehicle drag. A roof rack or carrier provides additional cargo space and may allow you to meet your needs in a smaller, more fuel efficient car. However, a loaded roof rack can decrease your fuel economy by 5 percent. Reduce aerodynamic drag and improve your fuel economy by using a removable rack and placing items inside the trunk whenever possible. Avoid carrying unnecessary items, especially heavy ones. An extra 100 pounds in the trunk reduces a typical car’s fuel economy by 1-2 percent.
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.
