AAA: Gas Prices Peaked

[Sanford]

Gasoline Prices May Have Peaked for the Year, AAA Reports
Summer driving season begins with gas at 11-year lows.

May 31, 2016 – AAA Oklahoma reports pump prices statewide have risen about 18 cents a gallon in the past three weeks. But even though the average Oklahoma price for self-serve regular today, $2.13, is higher than it’s been, AAA says it is still 33 cents below the average one year ago and 19 cents below today’s national average of $2.32. Drivers are paying the lowest gas prices for this time of year in more than a decade.
“Those about to embark on a great American road trip have reason to celebrate,” said Chuck Mai, spokesman for AAA Oklahoma. “Not only are pump prices quite a bit below where they were last year at this time, it also looks like we have successfully weathered the spring refinery transition to the production of summer-grade fuels and prices may have peaked for the year.”
A wildcard for gas prices in the coming months is the Atlantic Hurricane Season, which runs from June 1 to November 30. According to the National Oceanic and Atmospheric Administration’s Climate Prediction Center, this year’s season will likely be near normal, which means of the 10 to 16 named storms, four to eight could become hurricanes.

Should any of these severe storms or hurricanes reach landfall, production, refining and distribution could be impacted, which likely would lead to price spikes in Oklahoma. More than 45 percent of the U.S.’s total petroleum refining capacity resides in the Gulf Coast region.

The latest data from the U.S. EIA reflects a draw in gasoline stocks in the Gulf Coast region, but inventories remain well over year-ago levels, and pump prices held relatively steady on the week.
Quick Stats
• The nation’s top five most expensive markets are: California ($2.81), Hawaii ($2.70), Alaska ($2.61), Washington ($2.60) and Washington, D.C. ($2.51).
• The nation’s top five least expensive markets are: Mississippi ($2.09), Texas ($2.09), South Carolina ($2.10), Arkansas ($2.11) and Louisiana ($2.11).
• The national gas price average came in at $2.25 per gallon in May, 44 cents per gallon less than a year ago and the cheapest average for the month since 2005.

Oil Market Dynamics
Over the past week both global crude oil benchmarks, Brent and West Texas Intermediate, exceeded the $50 per barrel threshold due to expectations of tightening supply. The wildfires in the Canadian Oil Sands and geopolitical tensions in Nigeria and Libya helped to boost the price. Crude oil is also reportedly gaining strength on a weakening U.S. dollar which makes oil less expensive for countries holding other currencies. Attention is now focused on OPEC’s next meeting, scheduled for June 2, though the cartel may continue its current course of action and refrain from cutting production to help balance the market.

At the close of Friday’s formal trading session on the NYMEX, WTI closed down 15 cents to settle at $49.33 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

A not-for-profit, fully tax-paying organization, AAA Oklahoma provides its 390,000 Oklahoma members with emergency roadside assistance and auto travel services. Plus, the auto club offers members and the general public a wide range of personal insurance, worldwide travel and financial services at branch offices across Oklahoma and online at AAA.com.

 

[Mos Eisley]

Here's what I paid a few weeks ago...

That was using my HyVee fuel saver card. The wife just buys groceries as per normal (and she watches what she pays) and they add .05 here and there depending on what you buy.

Tonight I only paid $1.60/gl. (the norm up here right now is $2.15) They were running a KC Royals promo on Tuesday. .05 a gallon off for every run the Royals scored that night. They scored 10 runs! My wife went in today to get it added to the card and the manager said they were only doing it for people who specifically asked about it. Guess they weren't expecting such a high score.

 

[Oklahomabassin]

Remember these prices?

 

[PBramble]

 

[Snattlerake]

I remember gas wars. A gallon was a dime, or less.

 

[NationalMatch]

I remember gas wars. A gallon was a dime, or less.

Plus, two or three guys rushed out to service the car and .......... gave mom S&H Green stamps. Those stamps were definitely a part of my childhood.

 

[yukonjack]

April 10th, 2011. Piedmont, OK I didn’t get any Green Stamps.

 

[67RS/SSx2]

Did you try the fresh baked cookies?

 

[yukonjack]

Did you try the fresh baked cookies?

I may have tried them a few times.

 

[NationalMatch]

April 10th, 2011. Piedmont, OK I didn’t get any Green Stamps.


View attachment 256358

That's expensive diesel. Or, did somebody forget a period?