The Week
After an early spring surge, the national average for a gallon of gas spent the past week drifting up and down by a fraction of a cent before settling equal at $3.53. However, the break may be temporary, as gas pump prices will likely resume a spring increase.
In Oklahoma, the gas average is $3.17 today, down four cents in the last week and 14 cents more expensive than one year ago. Today’s national average of $3.53 is 22 cents more than a month ago and seven cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.81 to 8.72 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 1.3 million bbl to 232.1 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have kept them elevated instead.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 3/29/24 | Week Ago | Year Ago | |
| National | $3.53 | $3.53 | $3.46 |
| Oklahoma | $3.17 | $3.21 | $3.03 |
| Oklahoma City | $3.14 | $3.24 | $3.07 |
| Tulsa | $3.21 | $3.27 | $2.89 |
| Lawton | $3.10 | $3.12 | $2.89 |
| Le Flore-Sequoyah | $3.19 | $3.18 | $3.02 |
| Crude Oil | $83.17 per barrel (3/28/24) | $80.63 per barrel (3/22/24) | $75.67 per barrel (3/31/23) |
At the close of Thursday’s formal trading session, WTI increased by $2.54 cents to settle at $83.17. Oil prices fell after the EIA reported that total domestic commercial crude stocks increased by 3.2 million bbl to 448.2 million bbl last week. Although stocks increased when compared to a year ago, the current stock level is 25.5 million bbl lower than at the end of March 2023.
The Weekend
“Uncertainty of the impact of Ukraine’s targeting of Russia’s oil infrastructure likely spiked oil prices recently,” said Rylie Fletcher, AAA Oklahoma spokesperson. “But those concerns have abated somewhat for now, and gas prices are settling into a pattern similar to last year when the usual seasonal increase was slow and steady.”
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, April 5, 2024
