Gas prices continue decline

Drivers pass by on Broadway in Poteau.
By: 
AAA and GasBuddy
Press Writer

Gasoline prices continue on the decline after the national average dropped for more than 20 consecutive days.

"For the 22nd straight day, the national average for a gallon of gasoline has dropped, the longest such streak since last summer,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.

"Average prices now stand at their lowest thus far in 2017 and the lowest since before Christmas, thanks primarily to weak demand for gasoline and also bulging inventories of gasoline."

In Poteau on Wednesday afternoon, prices were:
Walmart: $2.01.
Choctaw Travel Plaza: $2.06.
E-Z Mart: $2.01.
Tote-A-Poke: $2.19.
Bud's: $2.03.
KP's: $2.03.

AAA Oklahoma said, "U.S. crude oil production coupled with lower driving demand has kept downward pressure on average prices at the pump."

"Soaking weather on the West Coast has certainly dampened motorists appetite for gasoline, while in the Midwest, weak demand has led to a surplus of winter gasoline, leading some stations in the region to offer the nation's lowest price: $1.52 can be found at a gas station in Oxford, Ohio," DeHaan said.

"But before motorists celebrate such cheap gas, the sweet deal likely won't stick much longer as we've been waiting since last week to see such loss-leaders to disappear. However, we may continue to see the national average moderate during the next week, with the exception in the Great Lakes — where a price adjustment of sorts is still expected."

Historical data from GasBuddy showed varying prices for Monday's date in Oklahoma across the last five years: $1.47 per gallon in 2016, $1.81 in 2015, $3.04 in 2014, $3.21 in 2013 and $3.16 in 2012.

The top five most expensive states for regular per gallon of gasoline for this week include Hawaii ($3.07), California ($2.80), Alaska ($2.74), Washington ($2.73) and Pennsylvania ($2.57).

States showing the greatest monthly decline in prices include Ohio (down 33 cents), Indiana (down 31 cents), Michigan (down 18 cents), Illinois (down 18 cents) and Kentucky (down 17 cents.

Oklahoma and Missouri ranked in the top 10 least expensive with an average of $2.11 for Oklahoma and $2.10 for Missouri.

AAA said prices in the central part of the nation are flat despite the shutdown of the Magellan Pipeline last week. A leak was discovered on a section in Worth County, Iowa. AAA said Oil Price Information reported Magellan resumed operations between Rosemount, Minn., and Mason City, Iowa on Saturday after “repairs to the damaged section of pipeline were safely completed.”

Category: