Prices at the pump hit 5-year low in Oklahoma City metro

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OKLAHOMA CITY-- If you're on the roads, it's hard to miss.

Gas prices have fallen to a five-year low and a lot of Oklahomans are celebrating the change.

"I can't believe they're this low," said one driver.

"It's really good right now," said another driver. "I didn't think it would ever go under $2, to be honest."

Across the state, you likely won't find a single driver complaining about the price of filling up at the pump.

On Dec. 15, $1.99 was a common sight at gas stations around the metro.

The lowest price we could find in town was $1.88 at a station on N.W. 10th St.

"We are seeing extraordinary prices in Oklahoma City," said Chuck Mai,  AAA spokesman.

Mai says it has been more than five years since pump prices have been this low.

"It is a double-edged sword in Oklahoma," said Oklahoma Treasurer Ken Miller.

Less pain at the pump is threatening to take a financial toll on many of Oklahoma's largest employers.

The low cost of filling up is a result of low crude oil prices, which hurts oil and gas companies' bottom line.

Officials say it also brings in less tax dollars to the state.

"We expect revenue to go down as long as prices stay this soft," said Miller.

Miller says last month, gross production taxes of oil and gas fell five percent over last year after 19 months of growth.

The longer prices stay low, the more impact it'll have on the state's economy.

"A third of our economy is tied to oil and gas, so we need a healthy energy sector," said Miller.

"Those in the oil and gas industry are concerned, but motorists are loving it," said Mai.

Many people across the Sooner State are wondering how long prices will stay this low, but officials at AAA predict that prices will rebound next year.

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