This Week
The national average for a gallon of gas awoke from a months-long slumber, surging 15 cents since last week to $3.73. The primary cause appears to be the oil price, which has marched nearly $4 higher in the past few days to hover near $80 per barrel. As oil accounts for almost 50 percent of the cost of a gallon of gas, higher oil prices usually mean higher pump prices.
In Oklahoma, the gas average is $3.42 today, up 17 cents in the laws week and 46 cents lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.86 to 8.94 million b/d last week. Meanwhile, total domestic gasoline stocks dipped from 218.4 to 217.6 million bbl. With supplies tight, if demand should spike, pump prices will follow suit.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 07/28/23 | Week Ago | Year Ago | |
| National | $3.73 | $3.58 | $4.27 |
| Oklahoma | $3.42 | $3.25 | $3.88 |
| Oklahoma City | $3.40 | $3.26 | $3.95 |
| Tulsa | $3.48 | $3.29 | $3.74 |
| Lawton | $3.15 | $2.99 | $3.56 |
| Crude Oil | $79.77 per barrel (07/28/23) | $77.07 per barrel (07/21/23) | $98.62 per barrel (07/29/22) |
At the close of Friday’s formal trading session, WTI crude oil settled at $79.77, up 3.5% on the week. Due to extended repair timelines at refineries, lower refinery oil usage rates will influence how much oil prices rise. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 600,000 bbl to 456.8 million bbl.
The Weekend
“Gas demand, meaning people fueling up, remains tepid. It’s lower now than at this time last year and in 2021, said Rylie Mansuetti, spokesperson for AAA Oklahoma. “But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”
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, August 4, 2023
