OKLAHOMA CITY, OK (KSWO) –Falling crude oil prices have resulted in incredibly low gas prices across the country, and Oklahoma is currently the cheapest.
Chuck Mai, a spokesman for AAA Oklahoma, says gas prices in Tulsa went up slightly overnight, but they are still the cheapest major metropolitan area in the nation with an average price of $1.43 per gallon. The average price for Oklahoma as a state is $1.576, and Missouri has a close second at $1.60.
"Crude oil's in a free fall amid plentiful supplies, increased exports from Iran, and concerns that problems in the Chinese economy will reduce fuel demand," Mai said. "While this is not good news for the oil industry or the state of Oklahoma, these low gas prices are making driving more affordable, incentivizing motorists to hit the highway for a good-fashioned American road trip, weather permitting."
The tumbling crude oil prices around the world dropped the average price for a gallon of gas in Oklahoma to their lowest level since January 2009. Wednesday's average price is $1.07 below the high in 2015 of $2.65, which was recorded on July 22.
The average cost of retail gasoline across the nation has fallen for 64 of the last 75 days, resulting in a drop of $0.35 per gallon. The national average now sits at $1.87 per gallon.
AAA believes the annual average for Oklahoma's gas will be between $2.05 and $2.25 per gallon, but they say the sharp decline in oil cost could lead to even lower gas prices if the global oversupply persists.
California still leads the pack with the most expensive gas average at $2.74 per gallon, but 38 states are reporting an average price under $2.00 per gallon.