August 19th, 2011 - OKCBiz Staff
Crude's rollercoaster brings down pump prices
Pump prices across the state have been trending downward lately as the price of oil failed to sustain much upward momentum this week. Oklahoma drivers are now paying an average of $3.434 per gallon for self-serve regular, a 1.6-cent decrease from last week and a dip of 16 cents since the end of July. Nationwide, prices shed 3.1 cents from last week to settle at $3.585 today.
“The price of crude has been bouncing around like a beach ball all summer,” said Chuck Mai, spokesman for AAA Oklahoma. “This week, because of dramatic shifts in the oil market and in equities, motorists are experiencing some relief at the pump.”
Three-and-a-half weeks ago, crude prices were flirting with $100 per barrel on the futures market. Today, they are in the low $80s, and retailers are slowly conveying these lower prices on to consumers. AAA expects them to continue to do so should oil prices stay within their current range, barring unforeseen circumstances.
Today, Oklahoma reports the fourth lowest statewide gas price average of the 50 states. Only Arizona at $3.35, South Carolina, $3.38, and Missouri at $3.40 have lower averages, according to AAAFuelGaugeReport.com.
Three-and-a-half weeks ago, crude prices were flirting with $100 per barrel on the futures market. Today, they are in the low $80s, and retailers are slowly conveying these lower prices on to consumers. AAA expects them to continue to do so should oil prices stay within their current range, barring unforeseen circumstances.
Today, Oklahoma reports the fourth lowest statewide gas price average of the 50 states. Only Arizona at $3.35, South Carolina, $3.38, and Missouri at $3.40 have lower averages, according to AAAFuelGaugeReport.com.
Copyright ©2011 Parkway Publishing L.L.C.
All rights reserved. Reproduction or use of content
in any manner without permission is prohibited.
To obtain permission, contact us.