Gas Prices Hit Pause Ahead of Labor Day Weekend

This Week

While damage assessments are still being made in the wake of Hurricane Idalia, pump prices remained in neutral, with the national average for a gallon of gas falling by a penny since last week to $3.81. Oil and gas experts have noted that overall gasoline demand this summer failed to match previous years, with consumption getting little “lift” from vacation travel this summer despite retail gasoline prices below last year’s. There is a lot of speculation as to why, but no one seems to know for sure.

In Oklahoma, the gas average is $3.50 today, down four cents in the last week and seven cents higher than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.91 to 9.07 million b/d last week. Meanwhile, total domestic gasoline stocks took a slight step back to 217.4 million bbl. Although demand has increased, fluctuating oil prices have limited pump price increases.

The Weekend

At the close of today’s formal trading session, WTI closed at 85.55 an increase of 7% on the week and highest settlement since November 17^th.  Oil prices rose this week amid ongoing concern Hurricane Idalia would interrupt fuel supply in the Southeast. However, some fuel terminals have resumed operations, and more are expected in the coming days as storms subside and damage assessments can be undertaken. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 433.5 to 422.9 million bbl.

“With visits to the pump rather flat and the price of oil hovering around the $80 per barrel mark, the national average for a gallon of gas will likely stay where it is through this holiday weekend,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “Hurricane Idalia may cause regional price jumps due to station damage, flooded roads, and power outages, but as in past years, these things are usually fixed in a few weeks.”

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, September 8, 2023