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Record-setting gas prices hit Tulsa area

Posted at 4:10 PM, Jun 07, 2022
and last updated 2022-06-07 19:11:14-04

TULSA, Okla — Gas prices continued to spike Tuesday across the U.S. including in the Tulsa area.

The price for a gallon of gas rose 20-to-30 cents over the last 24 hours. The average gallon of gas is costing Americans $4.91, according to AAA.

It rose to $4.49 and even $4.59 in some places in Tulsa on Tuesday.

>> Find the best gas prices in Green Country

Tom Seng, the Director of TU’s School of Energy Economics says there are a couple of factors as to why we are seeing record high gas prices, starting with low inventory on barrels of crude oil.

“The industry is also running into like I said, supply chain issues and labor shortages," Seng says. "But it's truly a supply and demand situation."

Seng says the U.S. produces about 12 million barrels of oil a day, and imports four million. However, refineries are using about 16 million barrels a day and exporting four million, forcing the U.S. to draw additional barrels from inventory.

Seng says right now there’s no telling when gas prices could decrease.

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