Gas Prices Jump Again, Will Continue To Rise, AAA Says

Consumers are continuing to pay more at the gas pump and experts say the prices could continue to go up. While Oklahoma is below the national average of gas right now by about 40 cents, prices are still impacting Oklahomans.

Friday, June 3rd 2022, 5:04 pm

By: News On 6

Oklahomans are paying a lot more at the gas pump and it is likely to get worse.

The price of gas in Oklahoma jumped 51 cents in one month and drivers said the increased prices are cutting into their budgets.

“I’m having to make sure that it’s to work, from work. Only necessities along with taking things that I was able to do, taking them out of my daily schedule. Honestly, it’s been a huge hit," said David Hood.

Diesel is also up more than $2 from just one year ago, which really affects the trucking industry. Those increased costs will be passed on to everyone, meaning an increase in the price of groceries and everything else.

"We see that price at the pump, but everything we do is being hit by higher energy prices," said Tom Seng.

Seng is with the University of Tulsa School of Energy and said prices were increasing long before the Russian invasion of Ukraine. That has lessened the worldwide supply of oil, which increases the price.

Seng said if there is anything positive from the high gas prices, it means more money for the state's economy.

“We collect gross production tax. So we get five percent gross production tax on every barrel of oil that’s produced in the state," said Seng.

Experts said unfortunately we should expect to pay more at the pump for the foreseeable future.

“We do not see anything in the crystal ball right now that indicates prices are going to drastically decline anytime soon," said Shawn Steward with AAA.