Oklahoma’s average pump price has dropped two cents over the last three days after rising for much of April, according to GasPrices.AAA.com.
“Between the first of April and April 14, the state average price for a gallon of regular rose 11 cents, coming in at $2.20 per gallon on April 14, the high for the year,” said Chuck Mai, spokesman for AAA Oklahoma. “And even though prices have fallen just a bit lately, we still expect retail gas to trend upward as we approach the start of summer. How much they rise depends largely on market forces occurring on the other side of the globe.”
Current Price Averages per Gallon of Regular Gasoline
- Tulsa – $2.14, up five cents from one month ago … up 23 cents since 4/17/16
- OKC – $2.18, up 10 cents from one month ago … up 27 cents since 4/17/16
- Oklahoma – $2.18, up seven cents from one month ago … up 26 cents since 4/17/16
- S. – $2.41, up 12 cents from one month ago … up 30 cents since 4/17/16
Today’s national average price for a gallon of regular unleaded gasoline is at its highest price this year and has now increased for 20 consecutive days. Contrary to what’s happening in Oklahoma, pump prices in 43 states and Washington D.C. have moved higher. This increase was most prevalent in the East Coast region where refiners wrapped up seasonal turnaround resulting in significant prices increases last week.
Global Market Dynamics
Last week, crude oil futures held onto the week’s gains closing out above $53 per barrel. Competitive prices were led by reports that OPEC and non-OPEC compliance is above 90 percent and the countries are considering extending production cuts beyond June, the original end date for the agreement reached last November. Participating OPEC countries plan to meet on May 25 to discuss how an extension of their agreement could further rebalance global oil supply and inventory levels.
Markets opened Monday morning with less confidence, countered somewhat by growing U.S. production. The U.S. Energy Information Administration (EIA) reported a larger-than-expected decline in oil stockpiles last week showing growth in U.S. oil output. National crude oil output reached a one-year high of an estimated 9.1 million b/d in March this year. Last week’s Baker Hughes oil rig count report — which showed the U.S. adding 11 rigs last week, bringing the total rig count to 683 — is further evidence of increased U.S. production. Traders will continue to watch the impact that increased U.S. production has on OPEC’s efforts to rebalance the market. At the close of last week’s formal trading session on the NYMEX, WTI was up seven cents to settle at $53.18 per barrel.
- The nation’s top ten least expensive markets are: South Carolina ($2.13), Mississippi ($2.17), Oklahoma ($2.18), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), Missouri ($2.19), Louisiana ($2.21), Kansas ($2.23) and Virginia ($2.23).
- The nation’s top ten markets with the largest monthly increases include: Indiana (+18 cents), Texas (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents), Florida (+15 cents), Wisconsin (+15 cents), Colorado (+15 cents) and Delaware (+14 cents).
A not-for-profit, fully tax-paying organization, AAA Oklahoma provides its more than 400,000 Oklahoma members with emergency roadside assistance and auto travel services. Plus, the auto club offers members and the general public a wide range of personal insurance, worldwide travel and financial services at branch offices across Oklahoma and online at AAA.com. Motorists can map a route, identify gas prices, find discounts, book a hotel and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile.
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