After making a brief weekend trip to $3.07, the national average for gas edged higher by one penny since last week to $3.10. The meandering journey is likely caused by low gas demand countered by slightly higher costs for oil. The result is a pump price stalemate. Today’s national average of $3.10 is two cents less than a month ago and 40 cents less than a year ago.
In Oklahoma, the gas average is $2.66 today, up six cents in the last week and 53 cents lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 1/26/24 | Week Ago | Year Ago | |
| National | $3.10 | $3.08 | $3.50 |
| Oklahoma | $2.66 | $2.60 | $3.19 |
| Oklahoma City | $2.72 | $2.63 | $3.18 |
| Tulsa | $2.62 | $2.49 | $3.18 |
| Lawton | $2.59 | $2.40 | $3.05 |
| Le Flore-Sequoyah | $2.60 | $2.59 | $3.15 |
| Crude Oil | $78.13 per barrel (1/26/24) | $73.41 per barrel (1/19/23) | $79.68 per barrel (1/27/23) |
At the close of Wednesday’s formal trading session, WTI increased by $4.72 to settle at $78.13. Oil prices rose yesterday after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows.
The Weekend
“Like watching dogs play chess, not much is happening,” said Rylie Fletcher, AAA Oklahoma spokesperson. “The national average for gas will likely maintain a glacial grind higher for the immediate future.”
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, February 2, 2024
