TULSA, Oklahoma – A penny here, a dime there – prices at the gas pump are falling.
But don’t expect this trend to continue much longer. The current price decline is largely due to the recent drop in oil prices.
“A week ago, oil prices had fallen to $72 a barrel,” said GasBuddy analyst Patrick De Haan. “Oil is now back to about $78 – that drop we saw in oil about two weeks ago is why oil prices in Tulsa are 10 cents lower today than they were a week ago.”
Overall, AAA’s Gas Tracker shows that pump prices in Oklahoma are around $3.00 per gallon for unleaded gasoline.
- The average price in Tulsa County is $2.88.
- In Wagoner County, prices are about a cent higher at $2.89 per gallon.
According to the Energy Information Administration, the average price for all gasoline was $3.19 at the beginning of 2024 and rose to an average of $3.60 by July.
- National average in July 2023: $3.71
- National average in July 2022: $4.66
When gasoline prices rise, Max Whisenhant reduces his purchases.
“I’m not going to fill the tank up,” he said. “I’m just going to put about $20 in it.”
Gas prices follow oil prices. When the price of a barrel of oil rises or falls, gas prices often follow.
However, more factors than just the price of oil play a role in gas station prices.
You may notice that even gas stations of the same brand in different areas often have different prices. Even gas stations of the same retailer that are just a few blocks apart may not sell at the same price.
“For gas stations, timing really matters,” De Haan said. “They don’t buy gas every day and so some of them may have chosen the right day with the lowest price of the day – of the week – to fill up their tanks, just like you and I.”
So the price we paid partly reflects the price paid by the individual station.
De Haan adds that whether gas prices are rising or falling, you’re likely to find the cheapest gas at wholesale clubs, which often use cheaper gas prices as a lure to lure shoppers into their stores.
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