Global Tensions Keep Falling Gas Prices from Gaining Momentum
The national average for a gallon of gas dipped by only four cents since last week to $3.51. Despite slackening demand, the pace of falling gas prices is being held up by the cost of oil, which is hovering in the mid-$80s per barrel.
In Oklahoma, the gas average is $3.20 today, down five cents in the last week and 19 cents lower than one year ago. Today’s national average of $3.51 is 32 cents less than a month ago and 25 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.86 million b/d last week. On the other hand, total domestic gasoline stocks increased slightly to 223.5 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If oil prices continue to descend, drivers can expect further price drops at the pump in the weeks ahead.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|Oklahoma City|| |
|Le Flore-Sequoyah|| |
|Crude Oil|| |
$85.03 per barrel (10/27/23)
$88.65 per barrel (10/20/23)
$87.90 per barrel (10/28/22)
At the close of Friday’s formal trading session, WTI decreased by $3.62 to settle at $85.03. The oil price rose yesterday due to concerns that the Israel-Hamas war could escalate soon as Israel appears to be preparing for ground operations. Additionally, the EIA reported that total domestic commercial crude supply increased by 1.4 million bbl to 421.1 million bbl.
“The oil market is very sensitive to global events, and fears of a widening war in the Middle East is keeping oil prices elevated for now,” said Rylie Fletcher, AAA Oklahoma spokesperson. “Domestically, drivers will likely see pump prices keep up this slow slide toward the holidays.”
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, November 3, 2023