Investing
Gas Price Drops to $1.18 in Oklahoma
Published:
Last Updated:
In several locations around Oklahoma City, the price for a gallon of regular gasoline has fallen to $1.18, according to GasBuddy. That compares to the national average of $1.88. Several factors have pushed the price to below $2 across some of the state. Among these are state gas taxes and the proximity of the stations to refineries.
According to GasBuddy, Oklahoma has the lowest average among all states, at $1.49 per gallon. However, the lowest price in the state is only 85% of that. Most of the stations with low gas prices across Oklahoma are in and around Oklahoma City, Moore and Midwest City. Of the 50 stations with the lowest gas prices in the United States, all are in Oklahoma.
By contrast, most of the stations with the highest gas prices in the United States are in and around the large cities in California, which has the highest average price among all states. As a matter of fact, of the 30 stations with the most expensive gas, 26 are in California. These cities include San Francisco, Los Angeles, Thousand Oaks, Studio City, San Bruno, Santa Monica and Glendale.
That national average will go lower, maybe much lower. Crude oil prices have dropped to $30. A year ago, the price was nearly $65 a barrel. One main reason for the drop in gasoline prices is the sea of available oil, due in part to a flood from Saudi Arabia, and perhaps to falling demand as the global economy slows. Despite the loud protests of other OPEC members, the kingdom said it will keep pumping.
Oil inventory is not the only factor. Proximity to refineries is also an issue. The average gas price in Alabama is $1.55, and in Texas it is $1.56. Like Oklahoma, they are near the huge refineries south of Houston and on the Gulf of Mexico, which is dotted by deepwater oil drilling platforms.
24/7 Wall St.Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
