“These lower prices are largely the result of worsening economic conditions worldwide, which are driving down crude oil prices as well as expectations for future demand for oil,” said Chuck Mai, spokesman for AAA Oklahoma. “At the same time, the U.S. dollar has been gaining strength, giving oil prices even more downward momentum. Plus, refineries have now completed the transition to making winter blends of gasoline, which are cheaper to produce.”
Concerns over the softening global economy, especially Europe's ongoing debt crisis, have sent shock waves through financial markets and sent crude oil prices tumbling. On the NYMEX today, West Texas Intermediate is hovering at or below $80 a barrel.
“The last time Oklahoma’s statewide gasoline price average was this low was more than six-and-a-half months ago,” said Mai. “You have to go back to March 4 of this year when it stood at $3.338 per gallon.”
According to AAA’s daily gasoline price website, FuelGaugeReport.com
, there are eight states today with cheaper statewide gasoline price averages than Oklahoma. Missouri has the nation’s lowest state price: $3.188.
Twenty-four states have gas price averages below $3.50 per gallon today. In the 48 contiguous states, California’s average is highest at $3.889.