This Week
The national average for a gallon of gas increased 3 cents since last week, despite lower demand and the price of oil falling several dollars per barrel and struggling to stay above $80. But the potential for hurricane development and forecasts of an expanding heat dome over Texas, Oklahoma, and Kansas next week could push oil prices higher. Refineries in these states may have to curb production to deal with the sizzling temperatures.
In Oklahoma, the gas average is $3.61 today, up one cent in the last week and 11 cents higher than one year ago. Today’s national average of $3.87 is up three cents since last week and six cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.30 to 8.85 million b/d last week. Meanwhile, total domestic gasoline stocks slightly decreased from 216.4 to 216.2 million bbl. Although demand has fallen, fluctuating oil prices have kept pump prices elevated.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 08/18/23 | Week Ago | Year Ago | |
| National | $3.87 | $3.84 | $3.93 |
| Oklahoma | $3.61 | $3.62 | $3.50 |
| Oklahoma City | $3.60 | $3.61 | $3.54 |
| Tulsa | $3.60 | $3.64 | $3.34 |
| Lawton | $3.42 | $3.34 | $3.17 |
| Crude Oil | $81.25 per barrel (08/18/23) | $83.19 per barrel (08/11/23) | $90.77 per barrel (08/19/22) |
At the close of today’s formal trading session, WTI decreased by $1.94 to settle at $81.25. Oil prices declined this week amid ongoing concern that if interest rates continue to increase, the economy could tip into a recession. If it does, oil demand and prices would likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased from 445.6 to 439.7 million bbl.
The Weekend
“The heat is returning, and we are also entering the heart of hurricane season,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “While fewer drivers are fueling up at the moment, these looming weather concerns are a roadblock to falling pump prices. Gas Prices may keep waffling until mid-September or longer.”
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 25, 2023
