Nearly 20 percent of the states have gasoline prices below $2 a gallon and Oklahoma is one of them.
The prices for the last day of 2018 average $1.93 in Oklahoma compared to $1.99 a week ago. Nationally, the average is down 8 cents to $2.28 per gallon.
Pottawatomie County, where Shawnee is the county seat has the lowest average in the state at $1.82 while the average n Oklahoma County is $1.83.
Oklahoma City’s average is $1.87, the same as in Tulsa. Lawton’s average is $1.84 per gallon.
The highest prices continue to be in northwest Oklahoma and the Panhandle. Ellis County’s average of $2.42 a gallon is highest in the state while Beaver County has an average of $2.36.
Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season. At the same time, OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will likely not be known until later in the first quarter.
“All eyes are on OPEC to kick off the year,” said Jeanette Casselano, AAA spokesperson. “Many are waiting to see if they stick to their promise to cut crude production by 1.2-million b/d and if the proposed cuts will be enough to restore balance to the market.”
Over the past few years, OPEC and partnering countries have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting.
Surrounding states have seen prices drop as well. The average in Kansas is $1.96 while Arkansas has an average of $1.94. The average in Texas is $1.95 and the average in Missouri is $1.85.
Prices are higher in Colorado where the average is $2.27. New Mexico has an average of $2.19 per gallon.