In spite of continuing geopolitical tensions in eastern Europe, the Middle East and northern Africa, motorists in Oklahoma are paying the lowest average retail price at the pump since late February. This is due to U.S. refineries running near their highest rates of capacity since 2005, according to the Energy Information Administration, and domestic demand that was reported last week to have dropped back below nine million barrels per day.
Tuesday Chuck Mai, spokesman for AAA Oklahoma said, “Oklahoma’s average price for a gallon of self-serve regular gasoline now stands at $3.302, the lowest it’s been since Feb. 26. Our statewide average has plunged 22 cents in the last 30 days.”
Only four states had a lower statewide gas price average Tuesday than Oklahoma, led by South Carolina at $3.26. Drivers in nearly every state across the country continue to experience month-over-month and year-over-year savings at the pump. Prices have dropped in 47 states over the past 30 days.
“Global oil markets continue to keep an eye on what’s happening between Ukraine and Russia, Hamas and Israel, and on production issues in Libya,” said Mai. “Plus, any further economic sanctions against Russia could impact worldwide supplies. We may find out about these as soon as today.”