Gasoline prices in Oklahoma City have dropped to 99 cents a gallon as oil prices remain in the low $20s and the coronavirus pandemic and resulting stay-at-home orders have left motorists off the highways and streets. It came as oil dropped to barely above the $20 a barrel level.
The 99-cent a gallon for regular was quoted by GasBuddy in Oklahoma City and as of Monday morning, the website quoted at least four sites pumping it for the under-a-buck price. Numerous others listed prices ranging from $1.09 to $1.22.
GasBuddy’s 99-cent gas was reported as AAA Oklahoma indicated the state’s new average price for gasoline had dropped 15 cents to $1.57 while diesel fuel prices hit an average of $2.14 a gallon.
Nationally, the average fell 12 cents to a Monday average of $2.01 compared to the $2.45 listed a month ago. Oklahoma’s average is still one of the lowest in the region as prices in Texas and Arkansas averaged $1.75 while in Missouri, the average was $1.76. Kansas had an average price of $1.77 while Colorado was at $1.98 and New Mexico had an average of $1.96.
The average in Oklahoma City was $1.47, down 13 cents from one week earlier. Tulsa and Lawton each averaged $1.57 per gallon—a 13 cent decline for Tulsa and a 16-cent drop for Lawton.
The cheapest average for the state was in Pottawatomie County where the average was down to $1.29. Oklahoma County, home to Oklahoma City averaged $1.41 while the same average was reported in Ottawa County, home to Miami in the northeast corner of the state.
The highest average was $2.05 in Texas County in the Panhandle while Cimarron County had a $2 average. Ellis County, home to Arnett in the northwest had an average of $2.04 a gallon.
West Texas Intermediate oil closed Monday down $1.42, settling at $20.09 a barrel. Brent crude dropped $2.23 to hit $22.70 a barrel.
Natural Gas on the New York Mercantile Exchange rose 2 cents to $1.69.
Devon Energy finished the day up 6 cents at $6.35 per share. SandRidge Energy dropped 12 cents and ended the day at 83 cents, a drop of nearly 13%.
Chesapeake Energy was down less than a cent at not quite 17 cents a share. Conoco Phillips was up four cents at $29.29. ONEOK slipped 90 cents and ended the day at $20.04. Phillips 66 added $1.84 and finished Monday’s trading at $54.16.
American Electric Power added 31 cents at $83.71 per share.
Source: GasBuddy and AAA Oklahoma