TULSA, Okla. — A penny here, a dime there — prices are falling at the pump.
But don't expect the trend to last much longer. The current dip in prices is largely due to a recent drop in oil prices.
"A week ago, the price of oil had slipped to $72 a barrel," said GasBuddy analyst Patrick De Haan. "Oil’s back at about $78 – it’s that drop that we saw in oil about two weeks ago that is behind Tulsa seeing an average price that’s ten cents lower today than a week ago."
Overall,AAA's Gas Tracker shows pump prices in Oklahoma at around $3.00 a gallon for unleaded.
- Tulsa County is lower, averaging $2.88
- Wagoner County prices are about a penny a gallon higher at $2.89.
According to the Energy Information Administration, the average of all grades of gasoline started 2024 at $3.19 and, by July, jumped to an average of $3.60.
- 2023 July national average $3.71
- 2022 July national average $4.66
When gas prices jump, Max Whisenhant scales back his purchases.
"I won't fill up the tank," he said. "I'll just put like $20 in."
Gas prices follow oil prices. When the price of a barrel of oil goes up or down, gas prices often follow.
However, there's more at play in pump prices than just the cost of oil.
You might notice that even the same brand gas retailers often have different prices at stations in different areas. Even stations by the same retailer located just a couple of blocks apart may not sell for the same price.
"It's all really on timing when it comes to gas stations, said De Haan. "They don’t buy gasoline every day and so some of them may have picked the right day at the lowest price of the day — of the week — to fill their tanks up just like you and I."
So, the price reflects the price the individual station paid.
De Haan adds whether gas prices are up or down, you are likely to find the cheapest gas at wholesale clubs. They frequently use cheaper gas prices as a loss leader to entice shoppers into their stores.
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