Industry experts say low prices at the pump might not be good for Oklahoma

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OKLAHOMA CITY- Holiday travel has been a little easier on the pocketbook for Oklahomans.

"Cheap gas, it's very beneficial you know, helps you save a little bit of pocket change, not too much but just a little bit,"  said OKC Motorist Twon Smith.

Oklahomans are actually saving more than a little. At a time when gas prices typically spike thanks to holiday travel..AAA reports the cost of petrol is the lowest in over 2 years.. News 4 consistently saw gas in the $1.60 range on Wednesday.

"There may be a temporary few day spike around a holiday but this year we are not seeing any increase in gas prices around this holiday so it's really a gift to people," said Leslie Gamble of AAA Oklahoma.

How cheap is gas this year? AAA reports gas was 54 cents more expensive in Oklahoma at this time in 2017.

But why the low price for gas? It goes hand in hand with the price of a barrel of oil falling 25 dollars in 45 days. Some members of the Oklahoma Oil and Gas industry blaming the President for the fall. They say Saudi Arabia increased production because they thought the Trump Administration would hike tariffs, so far that hasn't happened.

"So the president has been cheering lower oil prices not understanding that its real impact on America not just Oklahoma is significantly more important than low gasoline prices," said Chad Warmington of the Oklahoma Oil and Gas Association.

Warmington says the low oil and gas prices will lead to less production which will in turn mean layoffs in the industry. When 25 % of all state tax revenue is derived from oil and gas production, it could lead to empty coffers.

"I think you will see rig count drop pretty significantly this week and that's not good for Oklahoma long term," said Warmington.

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