Gas Prices are far lower than last year
What a Difference a Year Makes
This Week
The start of summer is nearly here, and drivers are finding prices far lower than last year. Lackluster demand and low oil costs are keeping gas prices relatively stable. The national average for a gallon of gas remained stable since last week at $3.58, which is $1.43 less than a year ago. In Oklahoma, the gas average is $3.20today, down one penny in the last week and $1.47 lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million bbl to 220.9 million bbl. Lower gas demand amid increasing supply has helped to limit pump price increases. If demand remains tepid, pump prices will likely fluctuate moderately through next week.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
| 06/16/23 | Week Ago | Year Ago | |
| National | $3.58 | $3.58 | $5.01 |
| Oklahoma | $3.20 | $3.21 | $4.67 |
| Oklahoma City | $3.21 | $3.25 | $4.72* |
| Tulsa | $3.13 | $3.13 | $4.53 |
| Lawton | $3.01 | $3.00 | $4.46 |
| Le Flore / Sequoyah | $3.16 | $3.14 | $4.63 |
| Crude Oil | $71.70 per barrel (06/16/23) | $70.17 per | $109.56 per |
At the close of Friday’s formal trading session, WTI crude oil settled at $71.70, up 2% on the week. Oil prices had declined the previous two weeks due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. If a recession occurs, oil demand and prices will likely decline.
The Weekend
“We may be in a bit of a demand lull heading into the July Fourth holiday,” said Rylie Mansuetti, AAA Oklahoma spokesperson. “Drivers are benefitting financially, with 20 gallons of gas costing nearly $30 less than last year. And with the cost for oil low, drivers will find pump prices that are flat or drifting slightly lower for now.”
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, June 23, 2023
