Consumers to pay more for summer gasoline
Oklahoma County motorists on average are spending about $65 a month more on gasoline this year than last summer, according to data released this week from AAA Oklahoma.
The price jump is somewhat stronger in Tulsa, where consumers are spending about $74 more a month than one year ago, according to the AAA report.
“We are spending more money now that we have since 2014, but we are still spending substantially less than from 2011 to 2014,” AAA Oklahoma spokeswoman Leslie Gamble said Thursday. “There is volatility, but it’s still in a moderate range.”
AAA’s forecast shows the national average price of gasoline averaging between $2.85 and $3.05 throughout the summer. The increased fuel prices so far have not affected summer travel, she said.
“Our research shows that at $3 a gallon, only one-third of drivers say they would change their travel plans,” Gamble said. “That jumps to almost half if gas gets to $3.50. But so far, we’re not seeing any changes in travel patterns. People are absorbing that cost.”
The average price for a gallon of gasoline in Oklahoma City was almost $2.58 a gallon Thursday, down four cents over the past week and down half a penny over the past month, according to AAA.
Nationwide, the average was almost $2.91 Thursday,
down 3.5 cents over the past week, but up more than 3 cents from one month ago. The price is more than 58 cents more than one year ago.
Gasoline prices typically are much higher than average on the west coast, in part because of tax rates, environmental regulations and access to refineries. The average price in California was almost $3.72 a gallon Thursday. Still, higher fuel prices are not yet affecting travel in those areas, Gamble said.
“AAA is not seeing travel diminish at all along the west coast or in New York,” she said.
Still, AAA recommends travelers study ahead and know what to expect for fuel prices at their destinations and along the travel route.
“What’s likely to most shock Oklahomans is the price they find at the pumps if they travel on vacation to other states that are experiencing much higher pricing than here,” Gamble said. “While only one percent of Oklahoma gas stations are selling gas at more than $3 a gallon, 25 percent of all gas stations across the country have prices that high. Particularly if you visit California, Oregon, Washington and New York, you’ll be hard pressed to find gas anywhere for less than $3.”
Gasoline prices typically follow crude oil price trends. The oil price surged nearly 70 percent from June 2017 through late May. The price has since given back some of its gains, but has remained well above 2017 levels.
Besides oil prices, the cost of gasoline also is heavily influenced by local and national gasoline supplies.
The country’s refineries operated at 95.7 percent last week, producing about 441 million barrels of gasoline a day, according to the U.S. Energy Information Administration.
Gasoline inventories last week decreased by almost 97 million gallons to almost 9.95 billion gallons, down 2.3 percent from one year ago, but in the upper half of the average range for this time of year.