This Week
The national average for a gallon of gas rose by six cents since last week to hit $3.86. The primary culprit is the surge in oil costs, which have jumped several dollars to hover around $90 per barrel.
In Oklahoma, the gas average is $3.79 today, up 22 cents in the last week and 45 cents higher than one year ago. Today’s national average of $3.86 is the same as a month ago and 17 cents more than a year ago.
“There have been some jumps in wholesale gasoline prices – also reflected in higher prices at the gas pumps – across the Central Plains in the last week,” says Rylie Mansuetti, spokesperson for AAA Oklahoma. “Reports indicate that regular refinery maintenance and a few refinery repairs requiring outages are playing a role in the increases. It remains to be seen how much of a price increase we will see at the pumps or how long they may last. But there is no indication that the situation will be anything but temporary.”
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million b/d last week. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million bbl. Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 09/15/23 | Week Ago | Year Ago | |
| National | $3.86 | $3.80 | $3.69 |
| Oklahoma | $3.79 | $3.57 | $3.34 |
| Oklahoma City | $3.82 | $3.59 | $3.32 |
| Tulsa | $3.78 | $3.48 | $3.27 |
| Lawton | $3.53 | $3.37 | $3.13 |
| Le Flore-Sequoyah | $3.76 | $3.51 | $3.36 |
| Crude Oil | $91.15 per barrel (09/15/23) | $87.57 per barrel (09/08/23) | $85.11 per barrel (09/16/22) |
At the close of Friday’s formal trading session, WTI increased by $3.58 to settle at $91.15. Oil prices fell yesterday after the EIA reported that total domestic commercial crude inventories increased by 4 million bbl to 420.6 million bbl. However, earlier in the week, crude prices rallied amid ongoing market concern that global oil supply will remain tight for the remainder of 2023. According to the International Energy Agency’s September 2023 Oil Market Report, production cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will lead to an oil supply shortfall this fall and winter.
The Weekend
“Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,” said Mansuetti. “The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs.”
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.
