At $2.25, the national gas price average is just one cent cheaper than a week ago, five cents less than a month ago and four cents more than a year ago. Nationwide, last week did not see record demand, but was close to all-time high levels and continues to keep pace with summer 2016 levels. According to the Energy Information Administration (EIA), gasoline stocks dropped 1.6 million bbl on the week. That figure brings national levels to 235.7 million bbl, which is approximately 4 million bbl below this time last year.
“As we hit the middle of the summer season, consumers can still fill up for $2.25/gallon or less at 62% of gas stations in the country and it’s even better in Oklahoma at $2.01,” said Mark Madeja, AAA spokesperson. “If, however, demand keeps pace and stocks continue to draw down at sizable levels, gas prices are likely to increase this month into next. So now is a good time to take a road trip.”
Current Price Averages per Gallon of Regular Gasoline
- Tulsa – $1.933, up 5 cents from one month ago … up 4 cents from 7/17/16
- OKC – $1.999, up 2 cents from one month ago … up 3 cents from 7/17/16
- Oklahoma – $2.014, up 1 cent from one month ago … up 3 cents from 7/17/16
- U.S. – $2.252, down 5 cents from one month ago … down 4 cents from 7/17/16
The most expensive major city gasoline price averages today in Oklahoma:
Woodward – $2.14
Guthrie – $2.11
Ada – $2.10
The least expensive major city gasoline price averages today in Oklahoma:
Wagoner – $1.88
Okmulgee – $1.90
Broken Arrow – $1.92
- The nation’s top ten markets with the largest weekly changes are: Indiana (-10 cents), Ohio (-9 cents), Michigan (-8 cents), Missouri (+5 cents), Kentucky (-5 cents), Georgia (+4 cents), Illinois (-3 cents), Utah (-3 cents), Wyoming (-2 cents) and Delaware (-2 cents).
- The nation’s top ten markets with the largest monthly changes are: Florida (-15 cents), Wyoming (-12 cents), California (-10 cents), Utah (-10 cents), Alaska (-10 cents), South Dakota (-10 cents), Colorado (-9 cents), Indiana (+9 cents), Idaho (-8 cents) and Texas (-8 cents).
South and Southeast
The South and Southeast saw gas prices both slide and increase on the week. Gas prices are more expensive in half a dozen states: Georgia (+4 cents), South Carolina (+2 cents), Alabama (+1 cent), Arkansas (+1 cent), Louisiana (+1 cent) and Mississippi (+1 cent), while prices dropped in Florida (-1 cent), New Mexico (-1 cent) and Texas (-1 cent).
The South and Southeast saw the bulk of the country’s gasoline stock draw, bringing total levels to 81 million bbl – the largest gasoline stockpile of any region in the country.
Oil Market Dynamics
After last week’s strong finish, West Texas Intermediate appears poised to continue making gains – opening near $47 per barrel today. The market has been trending upward slightly after EIA’s most recent weekly report showed that for the week ending on July 7, crude oil inventories dropped below 500 million bbl for the first time since late January. Moreover, total inventories of crude are just 4.4 million bbl more than last year, showing that the surplus is draining – albeit rather slowly. This news seems to have given the market some hope for the continuing decline of the glut of crude that has been suppressing prices this summer. Market observers will look at this week’s EIA report to see if the trend continues.
At the end of last week, Baker Hughes, Inc. reported that the U.S. added 2 oil rigs, bringing the total number of active rigs to 765. This news appears to have not rattled markets this morning even though an increase shows oil companies are still investing in crude exploration and production, which will continue to add to the glut of crude. With U.S. production still growing and rising output from OPEC countries that are exempt from its production reduction agreement that ends in March 2018, OPEC’s efforts to rebalance the global oil market could be thwarted. An OPEC and non-OPEC committee meets in St. Petersburg, Russia on July 24 to discuss the status of the agreement and potential next steps to deepen its impact. As the rebalance waiting game continues, drivers are likely to continue benefitting at the pump with cheaper summer gas prices.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.
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