This Week
Pump prices barely budged over the past week, despite the expected demand surge due to the July 4 holiday. AAA predicted that more than 43 million people would hit the road to celebrate the nation’s birthday. Despite the record number, the national average for a gallon of gas drifted two cents lower since last week to $3.53, which is $1.22 less than a year ago. In Oklahoma, the gas average is $3.19 today, down three cents in the last week and $1.29 lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.31 to 9.6 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 2.5 million bbl to 219.5 million bbl. Rising gas demand amid decreasing supply will likely push pump prices higher.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 07/07/23 | Week Ago | Year Ago | |
| National | $3.53 | $3.55 | $4.75 |
| Oklahoma | $3.19 | $3.22 | $4.48 |
| Oklahoma City | $3.20 | $3.23 | $4.52 |
| Tulsa | $3.11 | $3.21 | $4.29 |
| Lawton | $3.01 | $3.01 | $4.20 |
| Le Flore / Sequoyah | $3.17 | $3.15 | $4.51 |
| Crude Oil | $73.67 per barrel (07/07/23) | $70.64 per barrel (06/30/23) | $104.79 per barrel (07/08/22) |
At the close of Friday’s formal trading session, WTI crude oil settled at $73.67, up 4.3% on the week. Oil prices have increased this week due to market concerns that supply may be tight through the remainder of 2023. However, price increases are capped due to ongoing market fears that a recession will occur. If a recession occurs, oil demand and prices will likely decline.
The Weekend
“Gas prices may rise over the next few days based on slightly higher demand,” said Rylie Mansuetti, AAA Oklahoma spokesperson. “But it could be more of a blip than a trend, and demand may retreat once the holiday is further in the rearview mirror.”
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.
Next Weekend Gas Watch: Friday, July 14, 2023
