Gasoline Prices Drop 64 Cents in 24 Days Across State

Pump prices across Oklahoma plummeted an average of 64 cents per gallon since Sept. 16, according to AAA.
“The driving force behind these lower retail gasoline prices is the falling price of crude oil on the futures market,” said Chuck Mai, AAA Oklahoma spokesman. “Crude has fallen more than 55 dollars per barrel since July.AAA suggests there are five primary reasons for the drop in petroleum prices:
Significant strengthening of the U.S. dollar as Europe’s banking sector deals with its own lending crisis.
Continued low demand in the U.S. compared to a year ago.
World economies and financial markets that are all suffering, lowering worldwide demand.
Improving gasoline inventories in the U.S. in the wake of hurricanes Gustav and Ike.
The lack of any bad news here or abroad that might be perceived as a threat to oil or gasoline production or distribution.
“Oklahoma’s pump prices are the envy of the nation today,” said Mai. “The
statewide average for regular self-serve is $3.047, which is not only the lowest of all the fifty states, it’s also almost a nickel below the price of the state with the second-lowest average, Kansas, currently at $3.095 per gallon.
Oklahoma college football fans driving to the Dallas area this weekend for the OU-Texas game would be well advised to fill-up before leaving home. According to AAA’s gasoline price Web site, www.aaafuelgaugereport.com, today’s average for self-serve regular in Dallas is $3.404, compared to Oklahoma City’s $2.954 and Tulsa’s $3.014 – and these prices continue to fall
“As long as crude oil stays below $90 per barrel, I would expect gasoline prices to continue to fall.” said Mai. “Unless something happens to threaten supply, I wouldn’t be surprised to see the national average drop another 30 to 40 cents by Thanksgiving.”



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