What you pay at the pump varies around Tulsa and certainly in a different market like Oklahoma City. Amid swirling misinformation online, readers have asked why.
Even though Tulsa’s gas prices average lower than the rest of the country at $3.66 per gallon, the AAA Gas Prices website still reports fuel is about $1 more expensive than it was a year ago. That’s about 20 cents more expensive than Oklahoma City and 10 cents more than in Dallas.
What sacrifices have you made to afford gas over the past few months? We’d love to hear from you. Email connect@tulsaflyer.org.
QuikTrip dominates the Tulsa gas market, the same way Love’s does in Oklahoma City. The Flyer asked both just how exactly they land on the price you pay. QT did not respond to our request.
“Prices are typically set off a national or regional gas index. We can’t add additional insight beyond that as a privately owned company,” said Lauren Daniels, a media representative for Love’s.
According to the U.S. Oil and Gas Association, there are many factors behind setting a gas price. The four key categories are: taxes, distribution and marketing, refining and crude oil.
Oklahoma drivers pay about 9.60 cents per gallon in state taxes, according to a study by Wilk Law Personal Injury & Car Accident Lawyers. That’s around $1.15 for 12 gallons of gas.
Oklahoma ranked fifth-lowest in the country, just behind New York and Texas. The study used Federal Highway Administration statistics and data tables.
The largest factor behind gas pricing, about 61%, is the costs attached to crude oil, according to the U.S. Oil and Gas Association. This is impacted by geopolitics — like the war in Iran — and other financial market decisions.
Refining oil also comes with a price. This varies seasonally, which is why you typically see higher gas prices in the summer and lower prices in the winter. Summer blends tend to be more expensive. Plus, demand tends to be higher in summer, which can also drive up prices.
Finally, it costs money to get gasoline to the stations. Around 11% of gas pricing is influenced by this, making it the lowest factor.
Costs of crude oil dropped some last month, which is why you might’ve seen a slight decline. However, energy experts told CBS News that they still could remain high in months to come.
To save a little, the U.S. Oil and Gas Association recommends routine checkups on your vehicle and slower speeds. Keeping your car healthy can make things run more efficiently, just like not jumping the gun.
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