Gas prices continue to fall

Chris Day

Oklahoma’s pump price average for regular self-serve gasoline is $2.046 per gallon, four cents below October’s high of $2.085 recorded on Oct. 8 and the lowest it’s been since Sept. 28, according to

“Drivers in Oklahoma continue to enjoy some of the cheapest gas prices in the country,” said Chuck Mai, spokesman for AAA Oklahoma. “Only Texas and New Jersey have lower statewide gasoline price averages than Oklahoma today. They’re both at $2.02.”

The national average price for regular gasoline has dropped for nine consecutive days, reaching today’s price of $2.24 per gallon, which is down two cents compared to one week ago, but a nickel more than last month. However, drivers across the country continue to see savings at the pump year-over-year. Last year’s gas price average on this date was $2.27 per gallon.

Prices continue to wobble as areas of the country impacted by Hurricane Matthew work to replenish supply and several refineries across the country address planned and unplanned facility maintenance.

Quick Stats

Volatility in the Midwest has placed four states in the region at the top of the list for biggest weekly declines: Indiana (-14 cents), Ohio (-12 cents), Michigan (-10 cents) and Illinois (-8 cents).

The West Coast remains the most expensive market for gasoline, including the only six states where drivers are paying more than $2.50 on average: Hawaii ($2.87), California ($2.78), Washington ($2.71), Alaska ($2.63), Oregon ($2.52), and Nevada ($2.51).

Great Lakes States

States in the Great Lakes region have seen the biggest decreases over the past week: Indiana (-14 cents), Ohio (-12 cents), Michigan (-10 cents), and Illinois (-8 cents). The Great Lakes is often the most volatile area in the country and it is not uncommon for prices to move significantly from week to week.

At the moment, prices are heading downwards which can likely be attributed to BP’s Whiting, Indiana refinery completing unplanned maintenance on its largest crude distillation unit which has helped to ease supply constraints in the region. Planned work at the refinery has wrapped up for the season.

ExxonMobil is also completing scheduled maintenance at its Joliet refinery in Illinois. Refineries should finish all seasonal planned maintenance by the end of October.

Oil Market Dynamics

Crude oil contracts continued to react to last month’s announcement that OPEC was working on a plan to cut production. While the market increased briefly by the end of last week, crude oil prices had dipped back to less than $51 per barrel as a result of continued skepticism about both the plausibility of a plan being agreed to and the implementation of a production freeze.