Crude oil down to below $50 per barrel
The price of crude is continuing its downward slide, taking pump prices in Oklahoma and across the U.S. with it. The Oklahoma average price for regular gasoline has fallen for 69 consecutive days, from a 2014 high of $3.53 in late June to $1.89 Tuesday
“To see Oklahoma pump prices tumble 46 percent this year has been incredible,” said Chuck Mai, spokesman for AAA Oklahoma. “Excess supply and weak demand forced West Texas Intermediate 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 now has the third-lowest gas price average of all the 50 states. Missouri’s price stands at $1.84 Tuesday and Ohio’s has fallen to $1.88, according to FuelGaugeReport.AAA.com. With several stations selling gas in the $1.57 to $1.59 range, Oklahoma City has some of the lowest-priced individual stations in the nation, second only to Toledo, Ohio.
WTI closed down $2.65 Monday at $50.04. Global oil prices are expected to remain relatively low for the first half of 2015. Even though rebel forces continue to disrupt supply from OPEC member country Libya, the level of global oversupply appears capable of easing production concerns that might otherwise send prices higher.
The national average price of gas has fallen for a record 103 days to $2.19 per gallon, which is the lowest average since May 8, 2009. American households spent an average of about $115 less on gasoline in 2014 than they did in 2013. The average price for retail gasoline hit multi-year lows during the last few months of 2014 and is expected to continue to fall as we begin 2015.