At the pump
Gasoline prices have stabilized over the past month, closing out 2017 with fuel prices slightly higher than over the past three years.
Gasoline prices have stabilized over the past month, closing out 2017 with fuel prices slightly higher than over the past three years, but still well less than the record prices seen earlier this decade.
The national average price for a gallon of gasoline was $2.39 on Monday, the highest Christmas Day price since 2013, but the fourth consecutive year of prices well less than $3 a gallon, a mark topped in the previous four years.
“Compared to a few years prior, gas prices have remained relatively affordable,” GasBuddy analyst Patrick DeHaan said. “It means that oil prices have been relatively low again this year— relatively low in context to what the nation was facing at the pump from 2010 through 2013, which was average prices well over $3 a gallon.”
The average price for a gallon of gasoline in Oklahoma City on Thursday was $2.14, up 2 cents over the past week and down 4 cents from one month ago, according to GasBuddy. The price is 4.5 cents more than one year ago.
Nationwide, Thursday’s average was $2.47, up 3 cents over the past week and down 2.5 cents over the past month. The price was 17 cents more than one year ago.
Oil prices have strengthened over the past two months as the Organization of Petroleum Exporting Countries and Russia agreed to extend production cuts through 2018 and as supply disruptions have been noted in Lybia and other parts of the world.
“I would expect gasoline prices overall to be higher, but certainly not record-setting levels,” DeHaan said. “As oil prices have rebounded in the last couple of years, that will likely translate to higher gas prices, but I wouldn’t expect most of the nation to see $3. I don’t expect the national average to eclipse that level, although certainly some of the pricier areas will see that.”
Gasoline prices typically are at their lowest between Christmas and spring, when refiners shut down for maintenance and to convert to more expensive, summer-blend fuels.
“Based on historical patterns, we anticipate a significant drop in demand next week that could take national demand down several hundred thousand barrels,” AAA Oklahoma spokeswoman Leslie Gamble said. “This drop will eventually be seen at the pump in the early part of the year, although it is a bit early to determine just how low prices will fall. Considering Oklahoma’s proximity to the Gulf, we will likely continue to see lower pricing than other parts of the country.”