Oklahoma’s statewide average for regular gasoline has fallen about $1 since May, news that might make motorists even merrier during the holiday season.
A record 94.5 million Americans — including 862,000 Oklahomans, also a record and the fifth consecutive Christmas/New Year’s increase — are expected to travel 50 miles or more from home, according to the auto club AAA.
AAA defines the year-end holiday period as running from Dec. 21 to Jan. 1.
“We think the high number of Oklahomans traveling, a one percent increase over last year, reflects the state’s solid economy,” said Edmond resident Chuck Mai, spokesman for AAA Oklahoma. “Disposable income, the real gross state product and new home prices are up, while pump prices are falling.”
On Tuesday, the Edmond area average for a gallon of regular gasoline was $2.85, according to the AAA Fuel Price Finder. Six months ago, it was $3.48; last year it was $2.96. The average cost to fuel a vehicle with a 15-gallon tank was $42.88. Six months prior it cost $52.22; a year ago it was $44.43.
The lowest price at the pump was $2.67 at several Circle K locations: 1308 N. Bryant Ave. and 3303 S. Boulevard Ave. Most prices listed were less than $3 a gallon.
Money and fuel-saving tips from AAA include: Properly inflating tires; being gentle on gas and brake pedals (aggressive driving can lower fuel economy by up to 33 percent); drive the speed limit (each 5 mph driven over 60 mph is like paying an additional 24 cents a gallon); combine multiple tasks into one trip; and lighten the load (a heavier vehicle uses more fuel).
Nationwide, the number of year-end holiday travelers, 94.5 million, is an increase of 0.6 percent from the 94 million people who traveled last year. As in Oklahoma, this upward trend marks the fifth consecutive year of rising travel volumes and the highest ever for the season.
According to the AAA survey of intended travelers, the average distance traveled is expected to be 805 miles, an increase of 45 miles from last year.
For more information on fuel prices in Edmond or in other cities across the state and country, visit AAA’s Fuel Price Finder at aaa.opisnet.com.
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What do I pay for in a gallon of regular gasoline?
The national average retail price of a gallon of regular gasoline in October 2013 was $3.34. The four main components of the retail price and approximate shares of the total price based on the October 2013 national average of $3.34 were:
Crude Oil: 71 percent. The cost of crude oil as a share of the retail price varies over time and among regions of the country. Refiners paid an average of about $100 per barrel of crude oil, or about $2.37 per gallon;
Refining costs and profits: 5 percent;
Distribution, marketing and retail costs and profits: 11 percent;
Taxes: 13 percent. Federal excise taxes were 18.4 cents per gallon and state excise taxes averaged 23.52 cents per gallon.
Source: U.S. Energy Information Administration