The Week
Pump prices have maintained a steady march higher, rising eight cents since last week to $3.39. More expensive oil is a likely culprit, as crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago. Today’s national average of $3.40 is 25 cents more than a month ago and six cents more than a year ago.
In Oklahoma, the gas average is $3.07 today, up 13 cents in the last week and one penny lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 to 9.01 million b/d last week. Meanwhile, total domestic gasoline stocks tightened by 4.5 million bbl to 239.7 million bbl. Growing gas demand, amid tighter supply, has pushed pump prices higher.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 3/8/24 | Week Ago | Year Ago | |
| National | $3.40 | $3.33 | $3.34 |
| Oklahoma | $3.07 | $2.94 | $3.08 |
| Oklahoma City | $3.12 | $2.96 | $3.07 |
| Tulsa | $3.14 | $2.93 | $2.96 |
| Lawton | $2.99 | $2.82 | $2.94 |
| Le Flore-Sequoyah | $3.04 | $2.88 | $3.06 |
| Crude Oil | $77.94 per barrel (3/8/24) | $79.97 per barrel (3/1/24) | $76.68 per barrel (3/10/23) |
Since last Friday, these 10 states have seen the largest increases in their averages: Ohio (+26 cents), Missouri (+25 cents), Kansas (+22 cents), North Dakota (+19 cents), Arizona (+16 cents), Montana (+14 cents), Michigan (+14 cents), Oklahoma (+13 cents), California (+11 cents) and Nebraska (+11 cents).
At the close of Friday’s formal trading session, WTI decreased by $2.03 cents to settle at $77.94. Oil prices rose amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted that interest rates are still expected to be cut later this year. Moreover, the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 448.5 million bbl last week. Earlier this week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.
The Weekend
“Spring is nearly here, with longer days, better weather, and more opportunities to hit the road,” said Rylie Fletcher, AAA Oklahoma spokesperson. “And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year.”
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, March 15, 2024
