Northwest Oklahoma has seen a little relief in the cost of fuel lately, but don’t get your hopes up. Analysts say this trend may not continue.
“Drops in gas prices could slow in the weeks ahead as some OPEC members talk about cutting oil production to stem the recent drop in oil prices,” GasBuddy Head of Petroleum Analysis Patrick DeHaan said. “The national average price of gasoline has now fallen to the lowest level of the summer.”
Gas prices in Oklahoma have dropped approximately 5 cents a gallon over the last week, and around 10 cents from last month, according to DeHaan.
AAA contributes the decline to increased gasoline demand and the rise in domestic stocks. The bump in stocks is at a level not seen in nearly five months, sitting at 235 million barrels.
“While gasoline demand increased week-over-week, it wasn’t enough to stay on pace with the huge jump in gasoline stocks,” AAA Spokesperson Jeanette Casselano said. “Therefore, pump prices continue to decline across the country.”
Woodward is averaging at about $2.40 a gallon.
In some of the metro areas across the state, Oklahoma City’s price averages $2.20 a gallon and in Tulsa the average is $2.19 a gallon.
Last year in Oklahoma at this time the average price was $2.61 a gallon.