Gasoline prices have been trending upward lately, showing signs of their typical springtime volatility, AAA reports. The Oklahoma statewide average price for self-serve regular has risen nine cents per gallon from $2.06 on March 27 to $2.15 today.
“There are a lot of things putting upward pressure on oil and gas prices,” said Chuck Mai, spokesman for AAA Oklahoma. “With the advent of spring, people are driving more which boosts demand, refineries have begun producing more expensive summertime blends, there’s still some uncertainty over OPEC’s extension of production cuts and the market continues to be skittish over the U.S. bombings in Syria. While Syria is not a major oil producer, many of its neighbors are.”
AAA forecasts the Oklahoma pump price average will hit a peak of $2.40 this summer and the national average will top out at $2.70. Helping keep a lid on prices is increased U.S. production. Supplies have been drawn down a bit lately but are still quite healthy. Friday’s daily settlement of $52.24 per barrel is the highest since March 7.
Current Price Averages per Gallon of Regular Gasoline
- Tulsa – $2.11, up one cent from one month ago … up 36 cents since 4/10/16
- OKC – $2.15, up four cents from one month ago … up 34 cents since 4/10/16
- Oklahoma – $2.15, up two cents from one month ago … up 34 cents since 4/10/16
- S. – $2.39, up nine cents from one month ago … up 35 cents since 4/10/16
Global Market Dynamics
Crude oil futures opened today (April 10) trading at their highest level in more than a month as a result of ongoing tensions in the Middle East. An oilfield in Libya was shut down on Sunday after an armed group blocked a pipeline leading to an oil terminal. The Libyan production outage means that one source for crude oil is compromised and may affect global oil supply. Crude oil also rallied and then leveled out following last week’s U.S. missile strike against a Syrian airbase amid fears that further unrest in the region could lead to oil supply disruptions.
- The nation’s top ten least expensive markets are: South Carolina ($2.11), Alabama ($2.14), Tennessee ($2.14), Mississippi ($2.14), Oklahoma ($2.15), Arkansas ($2.16), Virginia ($2.19), Louisiana ($2.19), Missouri ($2.20) and Texas ($2.21).
- The nation’s top ten most expensive markets are: Hawaii ($3.04), California ($2.99), Washington ($2.89), Alaska ($2.88), Oregon ($2.75), Nevada ($2.67), Pennsylvania ($2.59), Michigan ($2.57), District of Columbia ($2.54) and Illinois ($2.51)
- The nation’s top ten markets with the largest weekly increases include: Kentucky (+15 cents), Florida (+12 cents), Michigan (+12 cents), Indiana (+11 cents), Alaska (+10 cents), Missouri (+9 cents), Pennsylvania (+9 cents), Illinois (+9 cents), Georgia (+7 cents) and Colorado (+7 cents).
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