OKLAHOMA CITY (AP) — The price of gasoline is rising across Oklahoma and AAA Oklahoma says the cost is expected to continue its upward trend.
The agency says the average for a gallon of self-serve unleaded regular in the state is $3.66 per gallon — up about 7-and-a-half cents per gallon from last week and up almost 27 cents from a month ago.
AAA says the cost is expected to rise another 10 to 15 cents per gallon because of the shutdown of oil refineries in the Gulf of Mexico as what is now Hurricane Isaac approached the region.
Before Isaac makes landfall, the storm is impacting Tulsa area gasoline prices. With oil rigs closing in the Gulf of Mexico ahead of the storm, gasoline prices in Tulsa took a huge jump again in Tulsa. The price of regular unleaded increased to $3.69 per gallon.
Despite the increase Tulsa is still below the national average. The average U.S. price of a gallon of gasoline has jumped 7 cents over the past two weeks. That's according to the Lundberg Survey of fuel prices, which puts the price of a gallon of regular at $3.76.
OKLAHOMA CITY (AP) — The price of gasoline rose by just more than 3 cents per gallon in the past week in Oklahoma and has risen 22 cents in the past month.
AAA Oklahoma reported Tuesday that the average for a gallon of self-serve regular gas in the state was $3.59 per gallon. AAA said the average price was $3.42 per gallon a week ago and stood at $3.44 per gallon a year ago.
The highest average price in selected cities was $3.63 per gallon in Stillwater — the lowest was $3.53 per gallon in Muskogee.
The national average price per gallon of regular self-serve gasoline is at a decline as well as Oklahoma’s average. The national price is cheaper than this time last year. This is the first time since November 2011 that Oklahoma is experiencing this decline.
The low costs are a result of crude oil prices declining and refining issues eased. Diplomatic talks with Iran are in progress. Since the decline, the U.S. dollar is becoming stronger. The U.S. dollar strengthens as overseas economies weaken.
With gasoline prices jumping 13-cents-a-gallon in Tulsa, many people are grumbling. You may be surprised to learn merchants are among those upset with the escalating price.
Quik Trip’s Governmental Affairs Director is Mike Thornbrugh. He says as gas prices go up their inside sales go down. He says people only have a finite amount of money. When prices go up, customers are less likely to buy a candy bar, chips or drink while at the check-out counter.
Tulsa gas prices jumped 13 cents at the pump overnight. Chuck Mai with Triple-A Oklahoma says a false report of a Saudi Arabian pipeline explosion sparked the latest rise, but there are other factors involved, including the volatile situation in Iran, and Wall Street speculation.
Mai says it’s likely prices will increase another 25 or 30 cents a gallon in Oklahoma by summer, but very unlikely they will top $3.80 a gallon here. The price could reach four dollars a gallon in other parts of the country.