There may not be much relief from summer's blistering temperatures, but the price of gasoline in Oklahoma has been dropping.
The state's pump prices are down 16 cents a gallon since the end of July, with Friday's average hitting $3.434, according to AAA Oklahoma.
“The price of crude has been bouncing around like a beach ball all summer,” spokesman Chuck Mai said. “This week, because of dramatic shifts in the oil market and in equities, motorists are experiencing some relief at the pump.”
Oklahoma's average gas price dropped 1.6 cents this week, while the national average fell 3.1 cents to $3.585. The average price Friday was $3.393 in Oklahoma City and $3.375 in Tulsa, according to AAA's Daily Fuel Gauge Report.
Drop could continue
Crude oil prices have dropped from about $100 in late July to $82.53 a barrel on Friday. Those savings have slowly been passed on to consumers, AAA officials said.
Mai said he is optimistic that gas prices could keep falling amid healthy supplies and reduced consumption. Demand will continue to ebb since the main part of summer is over.
“The economy has been hit with a triple-whammy: poor jobless figures, lackluster housing reports and weakness in the manufacturing sector,” he said. “If crude oil on the NYMEX stays within the current range of $80 to $90, and if equities don't rebound dramatically on Wall Street, I would expect to see pump prices in Oklahoma continue to inch downward, perhaps as much as another quarter per gallon in the next month or two.
“This means that by the end of September, we may be looking at a statewide per gallon average of $3.20 for regular, with even lower prices in some metro areas.”