Oklahoma gasoline prices continue to fall

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Oklahoma gasoline prices are down to a new statewide average of $2.69 a gallon, less than a year ago when the average was $2.89 according to AAA.

The national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.

The automobile group said Oklahoma’s average price fell 17 cents in the past week. While Lawton has the lowest city average at $2.53 a gallon, at least 7 counties in the state still have average prices at $3 or higher.

Beaver County in the Panhandle has the highest average at $3.33 per gallon followed by Hughes at $3.15; Greer at $3.09; Logan at $3.08; Coal at $3.06; Cimarron at $3.01 and Murray at $3 per gallon.

Oklahoma City’s average this week was $2.69 per gallon of regular gasoline, 18 cents cheaper than a week ago. It is also 16 cents lower than a year ago.

Tulsa’s average is $2.55, down 14 cents from last week and 30 cents lower than one year ago. A month ago, the average was $3.23 per gallon.

Lawton has the lowest metro average in the state at $2.53 per gallon, 15 cents lower than a week ago and far less than the $3.16 average a month ago. A year ago, motorists in Tulsa paid an average of $2.68 per gallon.

The lowest county average in Oklahoma this week belongs to Okfuskee County at $2.49 per gallon.

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AAA reported the national average pump price plunged 14 cents since last week to $3.26, six cents less than a year ago. There are now approximately 34 states with averages lower than last year.

“The seasonal pattern of less driving due to shorter days and crummy weather, combined with a lower oil cost, is driving gas prices lower,” said Andrew Gross, AAA spokesperson. “If this trend continues, many states could see their average prices fall below $3 a gallon by early next year.”

According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d last week, approximately 605,000 b/d lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower.