Gas prices continue to plummet; Oklahoma now has second-lowest in U.S.

The worth of standard unleaded at Tulsa-area QuikTrips was as little as $2.81 per gallon on Monday, the bottom it has been for the reason that starting of the yr.

Tulsa prices have dropped greater than 30 cents per gallon in the final two weeks and greater than 60 cents in the final month.

“The bears have run rampant through oil markets, with prices continuing to come under heavy selling pressure as China sees protests for its zero-Covid policies (and) shut downs of (its) major cities,” stated Patrick De Haan, head of petroleum evaluation for GasBuddy, a gasoline price-tracking service, in a blog post Monday.

He additionally stated the drop has occurred in half as a result of “U.S. demand comes under seasonal pressure as temperatures cool off and Americans do more online shopping than driving to malls.”

“As millions of Americans hit the road for Thanksgiving, we saw gasoline prices continue dropping coast to coast last week, and a new (recent) record was set for the largest single-day decline in the national average,” De Haan said.

That national drop mark was on Nov. 18, when the average fell 4.4 cents per gallon, easily beating the 3.5-cent daily drop on July 15, he said.

“All the metrics look very positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia’s invasion of Ukraine in February,” De Haan said.

“It’s entirely possible the national average price of gasoline could fall under $3 per gallon by Christmas, which would be a huge gift to unwrap for motorists after a dizzying year at the pump.”

The states with the lowest average prices on Monday were Texas ($2.83), Oklahoma ($2.94) and Arkansas ($2.99), according to GasBuddy.

The states with the highest average prices were Hawaii ($5.14), California ($4.97) and Nevada ($4.66).

“In addition, 47 of the nation’s 50 states have seen diesel prices falling as nicely, offering well-needed reduction forward of the vacations and serving to to stem the rise in inflation,” De Haan stated.

The nationwide common worth of diesel has fallen 7.9 cents in the final week and stood Monday at $5.20 per gallon, GasBuddy reported.

The common worth of diesel was $4.561 in Oklahoma and $4.444 in Tulsa, in accordance to AAA.

Most freight and plenty of supply autos, together with trains and farm gear, use diesel to ship and produce a plethora of products starting from meals to home equipment to building supplies.

On Friday, benchmark U.S. crude oil for January supply fell $1.66 to $76.28 a barrel, and wholesale gasoline for December supply fell 14 cents to $2.33 a gallon.

On Monday, benchmark U.S. crude rose 96 cents to $77.24 a barrel; wholesale gasoline was unchanged.

GasBuddy stated that in accordance to world oil-field companies firm Baker Hughes, final week’s U.S. rig rely was up by 2 rigs to 784, which was 215 rigs greater than a yr in the past at the moment.