OK has cheapest average gas price once again - KSWO 7News | Breaking News, Weather and Sports

OK has cheapest average gas price once again

Photo from Jan. 20, 2016, indicating low gas prices. (Source KSWO) Photo from Jan. 20, 2016, indicating low gas prices. (Source KSWO)

OKLAHOMA CITY, OK (KSWO) –For 17 straight weeks, gasoline prices have continued to fall.

The average price for a gallon of regular unleaded fuel sits at $1.41, which is currently the cheapest in the country. Missouri comes in at a close second at $1.42, and 42 other states have an average price below $2.00. Of those 44 states, 30 of them are below $1.75. On the other end of the spectrum, Hawaii has the highest average price at $2.63, and California’s average price for a gallon of gas is at $2.49.

“To be honest, we’re just not sure if gas prices have hit rock-bottom yet,” said Chuck Mai, spokesman for AAA Oklahoma. “Gasoline demand typically begins to increase in February, reaching its peak in August. Plus, this month also marks the beginning of the spring refinery maintenance season. The combination of increased demand and reduced supply often leads to upward swings in the price at the pump. We’re watching for that to happen again this year.”

Oklahoma’s average retail price for a gallon of gasoline dropped nine cents in the last week, and is at its lowest point since before 2008. AAA say’s this is due to weak demand and crude oil inventories at a nearly eight-decade high.

The national average gas price is $1.73 per gallon, which is $0.45 less than it was one year ago and $1.08 less than the 2015 peak.

At the close of Monday’s formal trading on the NYMEX, West Texas Intermediate crude oil was down $1.20 and settled at $29.69 per barrel. 

Copyright 2016 KSWO. All rights reserved.

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