Local gas prices increase after weeks-long drop

The price at Tulsa-area QuikTrips on Monday was $3.49, up from $3.31 last week. The price is still $1 per gallon less than the high of $4.49 per gallon in mid-June.

“While some areas saw gas prices rise slightly last week, the national average saw yet another weekly decline, extending the streak to ten straight weeks,” said Patrick De Haan, head of petroleum analysis at GasBuddy, a fuel price-tracking service, in a blog post Monday.

“The pace of declines is certainly slowing down as oil prices have bounced up slightly, but the West Coast and Northeastern U.S. are areas that still may see gas prices decline, while the South and Midwest see the drop fade and potentially slight increases,” he wrote.

“In addition to falling gasoline prices, the average price of diesel has fallen below $5 per gallon for the first time since March, likely helping to cool off aggressive inflation numbers. Thus far, Mother Nature has spared us from disruptions from hurricanes, but that remains a wildcard as we head into the peak of hurricane season.”

The peak of Atlantic hurricane season is Sept. 10, with most activity occurring between mid-August and mid-October, according to the National Oceanic and Atmospheric Administration.

As of Monday, a tropical wave was located off the west coast of Africa, but forecasters at the National Hurricane Center in Miami said there is little to no chance it will intensify over the next several days.

Oklahoma’s and Tulsa’s average gas prices on Monday were $3.513 and $3.506, respectively, according to AAA.

As of Monday, the states with the lowest average prices were Arkansas ($3.37), Mississippi ($3.39) and Georgia ($3.40), according to GasBuddy.

The states with the highest average prices were California ($5.27), Hawaii ($5.25) and Nevada ($4.89).

“Oil markets continue to weigh gobs of data about the U.S. and global economy, struggling supply, the possibility of a new nuclear deal with Iran, OPEC’s challenges in meeting quotas and China’s zero-Covid policy,” De Haan said.

U.S. oil supplies fell by 7.1 million barrels, contributing to a mid-week rally in oil last week, he said.

According to GasBuddy, global oil-field services company Baker Hughes said last week’s U.S. rig count was down by one rig to 762, which was 259 rigs higher than a year ago.

Benchmark U.S. crude oil for September delivery fell 54 cents to $90.23 a barrel, and wholesale gasoline for September delivery fell 13 cents to $2.89 a gallon on Monday.