The nearly $5 a barrel slide in crude oil prices over the past week, until prices rebounded on Monday, led to a fall in nationwide gasoline prices. Oklahoma prices slipped one cent in the past week to settle at $2.86 per gallon regular gasoline.
Prices at the pump were their lowest in three months reported the American Automobile Association. The nationwide average dropped two cents over the past week and reached $3.16.
“Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,” said Jeanette McGee, AAA spokesperson. “If this downward trend continues and less expensive prices are sustained, Americans can expect to see relief at the pump in the near future.”
She suggested gasoline prices might even be less by the end of this week as demand declined for three straight weeks.
“Cheaper crude, softening demand and growing stock levels equal the right combination for cheaper prices at the pump, which many Americans would likely welcome after such an expensive summer,” added McGee.At $3.16, today’s national average is 98 cents more than a year ago and 56 cents more than two years ago.
Prices in Oklahoma City dropped 3 cents in the past week to reach $2.82 a gallon. Tulsa’s average price rose 6 cents to $2.87 while Lawton had the lowest average in the state at $2.66, a drop of 7 cents.
At least 8 counties in Oklahoma had averages higher than $3 a gallon. Coal County in the southeast was highest at $3.16 and nearby Hughes County had an average of $3.12. Others in the $3 club were Harmon ($3.09), Ellis ($3.10), Cimarron ($3.05), Woods ($3.01), Logan ($3.07) and Cherokee ($3.03.)
Oklahoma’s $2.86 average compares to $2.86 a month ago and $1.89 a year ago.
Nearby states included Kansas at $2.90; Colorado $3.62; New Mexico $3.05; Texas $2.81; Arkansas $2.85 and Missouri at $2.84.