Over the last four weeks, Oklahoma’s statewide average price for regular gasoline has remained in a tight eight-cent range, from $1.92 to $2 per gallon. However some markets, such as Tulsa and Oklahoma City, have seen more dramatic movement. Oklahoma City’s average, as of Monday, jumped eight cents in just seven days, from $1.90 to $1.98. And while two weeks ago, the average in Tulsa stood at $1.84, Monday it’s at $1.92, according to GasPrices.AAA.com.
Abundant supplies of gasoline have contributed to starkly lower gas prices across the country during this summer driving season. However, the U.S. Department of Energy last week reported the largest gasoline supply decline since April (3.3 million barrels), which was enough to at least temporarily reverse the lengthy slide in pump prices over the past several days.
On Monday 44 percent of gas stations nationwide were selling gasoline for $2 per gallon or less, compared to fewer than one in 1,000 on this same date last year. Less than one percent of stations nationwide are selling gasoline for more than $3 per gallon, compared to 11 percent of stations one year ago.
With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. This comes even as U.S. drivers are on track to shatter the all-time record for total miles driven in a year. Provided the next month does not bring a major market-moving event, like a major hurricane or escalating geopolitical tensions overseas, pump prices are likely to remain at relatively low levels. It is even possible that the national average price of gas may dip below $2 per gallon after the summer driving season ends and refineries switch over to less expensive winter-blend gasoline on September 15.