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.
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.