Gasoline prices in Oklahoma have fallen 4.9 cents per gallon in the past week, averaging $1.90/g Monday, according to GasBuddy’s daily survey of 2,294 stations in Oklahoma. This compares with the national average that has fallen 6.6 cents per gallon versus last week to $2.25/g, according to GasBuddy.
The company also predicts prices will climb slightly higher in 2019 reaching a national average of $2.70 per gallon or about 3 percent under the 2018 average. And prices could start to climb again by May.
Average gasoline prices on Dec. 31 in Oklahoma have ranged widely over the last five years:$2.20/g in 2017, $2.12/g in 2016, $1.71/g in 2015, $1.92/g in 2014 and $3.02/g in 2013.
Including the change locally during the past week, prices Monday were 30.0 cents per gallon lower than a year ago and are 22.2 cents per gallon lower than a month ago. The national average has dropped 21.3 cents per gallon during the last month and stands 23.8 cents per gallon lower than a year ago.
Areas near Oklahoma and their current gas price climate:
Oklahoma City — $1.78/g, down 7.1 cents per gallon from last week’s $1.85/g. But the lowest prices found in the OKC area were $1.59 per gallon.
Tulsa — $1.83/g, down 5.5 cents per gallon from last week’s $1.89/g. The city’s lowest prices as of Wednesday were $1.74 per gallon.
“While the bargain basement gas prices we’ve been seeing in areas across the country have been terrific and most welcomed, the party at the pump will likely wrap up in the next month or two, and prices will begin to rally as OPEC production cuts and a strong U.S. economy push gas prices back up. While the national average failed to hit $3 last year, we have an even stronger possibility of seeing that ugly possibility, which would push prices in some places from $1.99 today to over $3 this spring- which would be an impressive and shocking turnaround in just a few months,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
“One caveat however, that may have motorists unexpectedly spending less- is what happens in the White House. Should all the darkest realities come to fruition, it could lead to slow down in the economy and take gas prices right along with it. As goes the economy, as go gas prices in the year ahead. Buckle up for the extra volatility we’re going to see- it could be nauseating.”