The Heat is On: Gas Prices Inching Up Amid Summer Travel Season

July 21, 2023 — The Week: Despite another week of lackluster demand for gasoline, the national average for a gallon of gasoline rose two cents since last week to $3.58 on Friday.

The primary culprit is a higher oil price, which has recently increased to the mid-$70s per barrel.

The national average pump price remains 86 cents lower than this time last year.

In Oklahoma, the gas average was $3.25 on Friday, up five cents in the last week and 88 cents more than one year ago.

Broadly, the new AAA analysis shows the continuance of recent trends.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 to 8.86 million barrels per day last week.

Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million barrels.

With supplies tight, if demand climbs, pump prices will follow suit.

Notes: Pat McGuigan, founder and editor of CapitolBeatOK.com, prepared this story for publication, working from a press release sent by Rylie Mansuetti, manager of Public & Government Affairs for the Oklahoma chapter of the American Automobile Association (AAA). Founded in 2009, CapitolBeatOK.com is an independent, non-partisan and locally-managed news service, based in Oklahoma City.