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Gasoline Prices Continue Downward Trend

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OKLAHOMA CITY, Okla_ Oklahoma's statewide average price Tuesday for self-serve regular gasoline, $3.28, is the second lowest state average in the nation.

Only South Carolina is lower at $3.26. Oklahoma's high price this year was seen on Feb. 22 when it hit $3.63. The state average has dropped nearly every day since then. Some citywide price averages, notably Tulsa's and Oklahoma City's, continue to fall today. These prices, below, were gathered late Monday night.

The national average price Tuesday for a gallon of regular gasoline is $3.52, 15 cents less than one month ago and 34 cents less than one year ago.

After declining for 45 of 51 days, the national average increased for three straight days but fell once again Tuesday by 3/10 of a cent. The national average remains 27 cents below the peak 2013 price to date of $3.79 on Feb. 27. In 2011, the national average for regular gasoline peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.

The primary factors driving retail gas prices lower in recent weeks have been low demand, continued disappointing economic news and lower crude oil prices. This slide in crude oil saw last Wednesday's settlement price for West Texas Intermediate (WTI) crude oil, the traditional U.S. benchmark, fall to $86.68 per barrel, which set a new 2013 low. While prices have recovered slightly, they continue to support lower gas prices for motorists. At the close of yesterday's formal trading on the NYMEX, WTI settled up 80 cents at $88.81 per barrel.

While motorists in every state but three (Utah, Idaho and Wyo.) are paying less at the pump  than one month ago, those in some Midwestern states have seen prices climb sharply in the last week following supply concerns from heavy rains in the region. Prices in 43 states and Washington D.C. are lower than one week ago, compared to four Great Lakes states, which have seen the average price increase more than a dime per gallon (Ill. 10 cents, Mich. 24 cents, Ohio 28 cents and Ind. 28 cents).

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