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Last updated: August 20. 2014 12:34PM - 383 Views

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With approximately one month remaining before the start of the shift from more expensive summer blend gasoline (September 15) to the relatively less expensive winter blend, the national average price for regular gasoline continues to drift lower and currently sits at $3.446 per gallon.


Even though the national price of gas is getting lower, Altus is 2nd only to Guymon for having the highest price at the pump this week. Guymon’s is $3.495, with Altus at $3.343.


 
According to FuelGaugeReport.AAA.com, today’s national average is two cents cheaper than one week ago, 13 cents less than one month ago, and nine cents below the price one year ago. Today’s average is the lowest daily price since February and the lowest August price since 2010.
 
Oklahoma’s average retail price for a gallon of self-serve regular gasoline is $3.294 today, a half-cent below where it was a week ago and 13 cents below the price registered on Aug. 19, 2013.
 
“If not for refinery issues at several plants in the Heartland, Oklahomans would be enjoying lower pump prices like most of the rest of the country,” said Chuck Mai, spokesman for AAA Oklahoma. “Price volatility is unfortunately nothing new for Midwestern drivers. Our state averages have been among the most volatile in the nation over the last several years.”


Geopolitical tensions remain front page news as the situations in Russia, Ukraine and Iraq make headlines. Unlike past years when global events would lead to sharp increases in oil prices over fears of supply disruptions, these events have been largely dismissed as global oil prices continue to slide. This is largely due to the relative stability of global supply projections, attributed to the U.S. approaching its highest annual level of oil production since 1972 and Libya’s returning to previous production levels.


The price of West Texas Intermediate settled 94 cents lower at $96.41 per barrel at the close of formal trading yesterday, slightly higher than the more than six-month low of $95.58 per barrel registered last Thursday.


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