OKLAHOMA – You and your wallet may have already noticed the cost to fill up your gas tank has gone up.
Today’s national average gasoline price is $3.61 per gallon, four cents less than one week ago and five cents less than one month ago.
Drivers continue to pay higher prices in comparison to a year ago, but the difference has narrowed to less than a penny compared to 19 cents at the beginning of July.
As predicted by AAA, the retail price at the pump continues to tick lower following the Independence Day holiday due primarily to lower crude oil costs as the situation stabilizes in Iraq, The national average may continue to slide or remain flat, barring any geopolitical concerns, major hurricanes or refinery disruptions
Although the situation in Iraq remains unresolved, the possibility of supply disruptions is increasingly viewed as unlikely.
Oil production has returned in Libya, following the labor disputes and violence that resulted in the closing of national oil fields and ports.
Market watchers will continue to monitor the instability in Iraq and Libya, with a watchful eye to Ukraine, Venezuela and Nigeria, but after rising to a multi-month high of $107.26 per barrel on June 20, the price of West Texas Intermediate crude oil has now fallen over three straight weeks.