Oklahomans Reaping Strong Oil Production And Weak Gasoline Demand

Tuesday, June 20th 2017, 6:10 am

By: News 9

Oklahoma is among the nation's top ten markets with the least expensive average gas prices, according to AAA. The average gas price is $1.99, the second state with the lowest price, followed behind South Carolina at $1.97. 

The current price average per gallon of regular gasoline in Oklahoma City is $1.95. The national average gasoline price is $2.29/gallon. 

Oklahoma is also among the nation's top ten markets with the largest monthly declines, at third place with a (-12 cents).

Today's price average in Oklahoma for regular gasoline is $1.98 according to GasPrices.aaa.com, said Mark Madeja, spokesman for AAA Oklahoma. This is six cents lower than last week and twelve cents lower month over month and year over year. This is certainly a win for families planning a summer driving vacation. 

AAA and Baker Hughes, Inc., reported that the number of oil rigs in the U.S. has grown for another record-breaking week. 

After 22 weeks of continued growth, the U.S. now has 747 active oil rigs. Sustained growth in the production sector will lead to more oil in the pipeline for gasoline and other distillates production by refineries. Even as summer gasoline demand grew in previous weeks, it wasn’t a match for the rising tide of crude. It may be only a matter of time before market participants grow impatient with weak rebalancing efforts, leading them to undertake more drastic measures to bring the global supply of oil closer to the demand for refined products. Until then, drivers stand to benefit from the imbalance between oil production and gasoline refinery rates, which continues to push down the price of gas.


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