TULSA, Okla. — Tulsa metro gas prices are averaging just under $3.50 a gallon — about a 30-cent hike from last month.
Tom Seng, Assistant Professor of Energy Finance at TCU, says heat waves can drive up prices.
The extreme temperatures decrease output at refineries; while people need to turn up their air conditioning to stay safe and cool. This combination creates a supply and demand discrepancy.
“The hot weather, believe it or not, has impacted some of that” says Seng. “This excessive heat is taking its toll on some of those refineries.”
Tulsa resident Cindy Webb says she didn’t expect the recent price jump.
“It surprised me. It seems like a week ago, gas prices were down.”
According to AAA.com, the average regular gas price in Tulsa was around $3.74 this time last year.
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