The usual ebb and flow of pump prices took a break this week, with the national average for a gallon of gas stuck at $3.54, identical to a week ago. A decline in demand and the low cost of oil are the main culprits.
In Oklahoma, the gas average is $3.18 today, up two cents in the last week and 85 cents lower than one year ago. Today's national average of $3.54 is 14 cents less than a month ago and $1.04 less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million barrels per day last week. The drop has reduced pressure on pump prices. Meanwhile, total domestic gasoline stocks decreased by 1.4 million barrels to 218.3 million barrels. EIA data so far this year suggests the traditional driving season may not follow patterns seen in previous years. If gas demand continues to decrease, drivers could see pump prices follow suit.At the close of Friday’s formal trading session WTI crude oil settled at $71.55, up more than 2% for the week. Oil prices rebounded slightly from losses Thursday as concerns for a U.S. debt default cautiously eased.
The Weekend 'Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels,” said Rylie Mansuetti, spokesperson for AAA Oklahoma. “It’s possible this is merely the lull before Memorial Day, but it could be a trend that ling