AAA Oklahoma Reports: Gas Prices Hit Pause Ahead of Labor Day Weekend

This Week: While damage assessments are still being made in the wake of Hurricane Idalia, pump prices remained neutral, with the national average for a gallon of gas falling by a penny since last week to $3.81.

Oil and gas experts have noted that overall gasoline demand this summer failed to match previous years, with consumption getting little “lift” from vacation travel this summer despite retail gasoline prices below last year’s. There is a lot of speculation as to why, but no one seems to know for sure.

In Oklahoma, the gas average is $3.50 today, down four cents in the last week and seven cents higher than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.91 to 9.07 million b/d last week. Meanwhile, total domestic gasoline stocks took a slight step back to 217.4 million bbl. Although demand has increased, fluctuating oil prices have limited pump price increases.

This Weekend: At the close of Friday’s formal trading session, WTI closed at 85.55 an increase of 7% on the week and the highest settlement since November 17th. Oil prices rose this week amid ongoing concern Hurricane Idalia would interrupt fuel supply in the Southeast.

However, some fuel terminals have resumed operations, and more are expected in the coming days as storms subside and damage assessments can be undertaken.

Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 433.5 to 422.9 million bbl.

“With visits to the pump rather flat and the price of oil hovering around the $80 per barrel mark, the national average for a gallon of gas will likely stay where it is through this holiday weekend,” said Rylie Mansuetti, spokesperson for AAA Oklahoma.

“Hurricane Idalia may cause regional price jumps due to station damage, flooded roads, and power outages, but as in past years, these things are usually fixed in a few weeks.”

AAA has a variety of resources to help motorists save on fuel:

* Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.

* AAA Gas Cost Calculator (http://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.

* TripTik Mobile (http://www.aaa.com/mobile) plots fuel prices along your travel route.

Notes: According to promotional materials, “AAA provides automotive, travel, and insurance services to more than 63 million members nationwide and more than 400,000 members in Oklahoma. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, membership corporation working on behalf of motorists, who can map a route, find local gas prices and electric vehicle charging stations, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information on joining or renewing a Membership, visit www.AAA.com.” Notes: Pat McGuigan of CapitolBeatOK.com prepared this report for posting, working with material transmitted from Rylie Mansuetti, Government & Public Affairs manager for AAA Oklahoma. CapitolBeatOK.com, founded in 2009, is an independent, non-partisan and locally-managed news service based in Oklahoma City. No compensation was received for preparing this report. It is used because CapitolBeatOk.com has found the AAA reports accurate, timely and useful summaries of the price picture nationwide.