OKLAHOMA CITY Okla_ Tuesday's Oklahoma price average for regular gasoline, $3.484, is the highest it's been since June 20 when it stood at $3.491.
"Our statewide average fell steadily after May 21 when it reached its 2013 high of $3.916, finally resting at $3.283 over the Independence Day holiday weekend," said Chuck Mai, spokesman for AAA Oklahoma. "Now, the roller coaster is going back uphill in response to unrest in Egypt and falling U.S. crude oil inventories."
The national average price Tuesday for regular gasoline is $3.64 per gallon, 16 cents more than one week ago, just two cents above the average one month ago, but 24 cents higher than the same day last year. The national average has now risen for nine consecutive days.
While motorists across the country are feeling the squeeze of rising pump prices, the national average is still 47 cents below the all-time high of $4.11 per gallon recorded on July 17, 2008.
Higher crude oil prices have pressured gasoline prices higher across the country, with events and unrest in Egypt the primary factor in surging oil prices. While Egypt is not an oil producer, its proximity to the strategically important Suez Canal and major oil producing nations raises concerns of a potential disruption to supply should violence escalate. Adding to the bullish sentiment for crude are U.S. inventories falling more than 20 million barrels in two weeks, the largest two-week drawdown in more than three decades, according to the U.S. Department of Energy. Pending an unforeseen market- moving development, it seems likely consumers will face increased pump prices in the coming weeks.