ENERGY WATCH

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Oklahoma crude oil prices as of noon Friday, $41.06

From the Tank Tiger

As we move into August, the OPEC+ oil producers will begin curtailment of their production constraints - an increase of about 2 million barrels per day. Without a commensurate increase in demand - which isn’t looking very good right now - we could begin to see an inventory increase, on top of the already high levels that we have now. Furthermore, U.S. oil production, along with wells fracked, had its first weekly increase in over 4 months. At noon Tuesday, Brent crude was at $43.35 per barrel with WTI at $41.17 per barrel.

Oklahoma gas prices have fallen 1.7 cents per gallon in the past week, averaging $1.87/g today, according to GasBuddy’s daily survey of 2,294 stations. Gas prices in Oklahoma are 1 cent per gallon higher than a month ago and stand 55.7 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Oklahoma is priced at $1.59/g today while the most expensive is $2.35/g, a difference of 76.0 cents per gallon. The lowest price in the state today is $1.59/g while the highest is $2.35/g, a difference of 76.0 cents per gallon.

The national average price of gasoline has fallen 2.5 cents per gallon in the last week, averaging $2.17/g today. The national average is down 0.3 cents per gallon from a month ago and stands 56.3 cents per gallon lower than a year ago.

Historical gasoline prices in Oklahoma and the national average going back ten years:

July 27, 2019: $2.43/g (U.S. Average: $2.73/g)

July 27, 2018: $2.60/g (U.S. Average: $2.85/g)

July 27, 2017: $2.06/g (U.S. Average: $2.30/g)

July 27, 2016: $1.91/g (U.S. Average: $2.14/g)

July 27, 2015: $2.55/g (U.S. Average: $2.71/g)

July 27, 2014: $3.26/g (U.S. Average: $3.52/g)

July 27, 2013: $3.50/g (U.S. Average: $3.63/g)

July 27, 2012: $3.40/g (U.S. Average: $3.48/g)

July 27, 2011: $3.57/g (U.S. Average: $3.69/g)

July 27, 2010: $2.62/g (U.S. Average: $2.72/g)

Neighboring areas and their current gas prices:

Oklahoma City- $1.87/g, down 0.7 cents per gallon from last week’s $1.88/g.

Tulsa- $1.82/g, down 5.3 cents per gallon from last week’s $1.87/g.

Amarillo- $1.79/g, down 7.2 cents per gallon from last week’s $1.87/g.

“We remain stuck in neutral when it comes to gasoline prices. While Pay with GasBuddy data showed a small rebound in gasoline demand, oil prices have again failed to break out, leading to yet another week of little change at the pump,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “It’s a bit too early to tell if the small rise in gasoline demand last week will continue into this week, but it does seem the most likely situation. The V-shaped recovery in gasoline demand has been put on hold for nearly all of July as coronavirus cases surged, but once we recover from that and we see demand show several weeks of recovery, we’ll likely see gas prices begin to tick higher. For now, however, that gives motorists more time to fill up without having to worry about big jumps in prices.”