OK pump prices taking post-holiday plunge - KSWO 7News | Breaking News, Weather and Sports

OK pump prices taking post-holiday plunge

AAA Gas Prices August 2016 (Source AAA) AAA Gas Prices August 2016 (Source AAA)
(Source AAA) (Source AAA)

OK (KSWO) – AAA reports that the average gas prices in Oklahoma have fallen substantially since the end of August.

“The statewide average today is down seven cents from where it was on August 30,” said Chuck Mai, spokesman for AAA Oklahoma. “But the drop is even more dramatic in Tulsa where the citywide average has plummeted 14 cents since August 31. Oklahoma City’s average has fallen 11 cents since August 30.”

AAA reports Oklahoma boasts the nation’s eleventh-lowest state average today. The top national decreases in the country are: Michigan (-11 cents), Missouri (-7 cents), Oklahoma (-7 cents), Illinois (-6 cents), Minnesota (-4 cents) and Ohio (-4 cents).

Prices rose in the second half of August due to increasing crude oil prices and uncertainty regarding Hurricane Hermine's impact on Gulf Coast refineries.  While the possibility of future storms over the remaining months of hurricane season could send prices temporarily higher, the seasonal effects of lower demand – with the busy summer driving season in the rear view – combined with the changeover to cheaper-to-produce winter blend gasoline likely mean prices will move lower over the next several months.

After jumping more than 20 percent during the first half of August, the price of West Texas Intermediate crude oil has dropped 10 percent over the past several weeks. 

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Copyright 2016 KSWO. All rights reserved.

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