Gas prices in Oklahoma continue to fall ahead of OPEC decision to cut oil production
As the average price of gasoline continues to fall across the country, a national analyst says that trend may not persist after the Organization of the Petroleum Exporting Countries decided to cut oil production.
The average gasoline price in Oklahoma has fallen 11.6 cents per gallon over the past week.
According to GasBuddy, pump prices are now 28.0 cents lower than a month ago, but are 40.0 cents higher per gallon than a year ago.
The most expensive station in Oklahoma offers gas for $3.70, located in Major County. The lowest price is $3.25 at gas stations statewide.
GasBuddy’s head of oil analysis said the price of gas nationwide has fallen for 12 straight weeks.
However, due to OPEC’s decision to cut oil production by 100,000 barrels per day, Patrick De Haan said continuing the cut could be a challenge.
“The national average has fallen for 12 straight weeks, the longest count since 2018, and it could soon eclipse that mark if we see another two weeks of decline. However, this could be more difficult given OPEC’s decision yesterday to cut oil production,” De Haan said.
As a result, De Haan said gasoline prices could be very mixed for motorists in the coming days.
“For now, price movements will depend on where you are, with California seeing some minor increases, while the Great Lakes could see a boost as the BP refinery shutdown has impacted supply,” explained De Haan. “In addition, there are several disturbances in the Atlantic to watch out for, but we are returning to cheaper winter gasoline in just over a week, which should provide further relief.
GasBuddy reports that the price of oil is slightly higher following OPEC’s decision on Monday.
The national average diesel price fell 2.0 cents last week to $5.02 per gallon.
For more information on gasoline prices, visit the organization’s website.