Oklahomans wrap up the year with some of the lowest gas prices

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Oklahoma drivers are enjoying gas prices which are among the lowest in the nation.

Heading into the final week of the year, gas price averages across the state are $2.19 per gallon, the fifth lowest in the U.S.

As more drivers hit the road for the holidays, the increase in driving is likely the cause for the rising prices in some states. AAA Oklahoma says the national average price for a gallon of gasoline is $2.44, an increase of two cents on the week.

“The majority of motorists have seen savings at the pump this month. The national gas price average is more than five cents cheaper than the beginning of December,” said Leslie Gamble, AAA Oklahoma spokesperson.

The nation’s top ten least expensive markets are: Alabama ($2.17), Texas ($2.17), Mississippi ($2.18), Arkansas ($2.18), Oklahoma ($2.19), South Carolina ($2.20), Missouri ($2.20), Louisiana ($2.22), Kansas ($2.22) and Tennessee ($2.23).

On the week, Florida saw the largest decrease (-2 cents) in the region and Alabama ($2.17) takes the Nation’s top spot for the cheapest gas price average.

Drivers in the West Coast region are paying some of the highest prices at the pump after the holiday weekend. However, as prices continue dropping on the week, Alaska saw the largest decline (-9), while Washington, Oregon and Nevada each dropped a penny and Hawaii and California saw no change.

In addition, crude oil inventories declined by 6.5 million bbl, driven mostly by high crude processing rates at refineries across the country.  So as the year draws to a close, market observers will watch this week’s data to see if high gasoline demand eats away at crude inventories, or if high levels of domestic crude production will build inventories despite high gasoline demand.

 

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