The Week
For the first time since 2021, domestic gasoline demand was over 9 million barrels daily for a third straight week. Yet despite the robust numbers, pump prices barely budged as the low cost of oil is countering a spike for now. The national average for a gallon of gas dipped two cents since last week to $3.58 today, $1.39 lower than one year ago. In Oklahoma, the gas average is $3.21 today, down a penny in the last week and $1.34 lower than one year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.1 to 9.22 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 2.7 million barrels to 218.8 million barrels. Although gas demand increased, increasing stocks and fluctuating oil prices have contributed to limiting increases.
At the close of Friday’s formal trading session WTI crude oil settled at $70.17, down 2% on the week and marking the second straight weekly decline. Oil prices fell as Chinese economic data raised doubts about demand growth after Saudi Arabia’s decision last weekend to cut output.
The Weekend
“It appears that our seasonal surge in driving may be kicking off a bit before the official start of summer,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “But the low cost for oil appears to mitigate any increases at the pump, which is good news for drivers.”
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, May 12, 2023
