Excess supply and weak demand forced
AAA Oklahoma Public Affairs officer Danial Karnes said the average price of gas is $2.03 per gallon as of Tuesday, a decline of 6 cents from last week and $1.14 from last year.
The average price of gas is even lower throughout much of the state.
Statewide, the price of gas is $1.89 per gallon as of Tuesday, down nearly 10 cents from last week and $1.66 from last year.
AAA Oklahoma spokesman Chuch Mai said the continued decrease marks 69 consecutive days of falling gas prices for the state.
“To see Oklahoma pump prices tumble 46 percent this year has been incredible,” Mai said. “Excess supply and weak demand forced West Texas Intermediate (WTI) crude oil down to below $50 per barrel [Monday] for the first time since April 2009. It’s hard to believe WTI was trading at $107 just this past June. West Africa, Latin America, Iraq, Russia, Canada, the U.S., Saudi Arabia -- everybody is producing lots of oil.”
Oklahoma has the third-lowest average gas price in the country, after Missouri, which stands at $1.84 as of Tuesday, and Ohio, which was $1.88 Tuesday.
Mai said the average price of gas in Oklahoma is expected to stay below $2.70 per gallon in 2015, and below $3 nationwide.
Average global oil prices are expected to remain low for the first half of the year because of the level of global oversupply, he said.