Oklahoma Gas Prices Soar Amid Global Oil Shortages

Gas prices in Oklahoma have surged by 20 cents over the past two days, reaching an average of $3.70 per gallon on August 13. The significant price hike is attributed to low U.S. petroleum reserves and the closure of the Strait of Hormuz, a vital waterway for global oil supply.

The international conflict between Iran and Russia has disrupted the global oil market, exacerbating the shortage. According to GasBuddy's head of petroleum analysis, Patrick De Haan, the national average gas price has never been over $4 per gallon after August 12.

The U.S. Strategic Petroleum Reserve held less than 300 million barrels in March, some of which is stored in Cushing, Oklahoma. The reserve was at its lowest level since 1983, with Trump releasing 172 million barrels from the reserve as oil tankers in the Strait of Hormuz came under fire.

The closure of the strait has a significant impact on global oil supply, providing about 20% of the world's petroleum. Disruptions to this region can have far-reaching consequences worldwide. De Haan advises drivers to fuel up earlier in the week, as prices tend to be cheaper compared to purchasing gas towards the end of the week.