Oklahomans Happy With Plummeting Gas Prices

Friday, August 28th 2015, 11:24 pm
By: News On 6

Oklahoma is on the list of 20 states seeing gas prices below $2, according to gasbuddy.com.

With a barrel of oil sitting at $45, prices could fall even more, but drivers may not want to wait too long before filling up.

Gas experts say when prices start falling, Oklahomans are a little lucky because we are often the first to see the benefits. They said it has nothing to do with luck, but instead, location.

Happy people like Doylene Fancher, are who you'll find at the pumps when gas prices are low.

"I'm thinking where can I go on a trip, you know. Where I can drive and use up some gas," she said.

At $1.86 a gallon, that trip could take her far.

On average, a gallon of gas in Oklahoma is $2.30. This same time last year, a gallon averaged $3.25 cents - nearly a dollar more.

Driver Abner Parsons said, "When you have to buy gas all the time it [lower prices] saves you some money, and that's what it's all about, is saving money."

In previous downturns in the oil industry, Oklahomans were among the first to see lower prices.

Representatives from the Oklahoma Independent Petroleum association said, while many states have working oil fields, Oklahoma is different because there are several refineries in the state, so oil producers don't have far to travel.

Justin Washington works in the oil industry, so for him the lower prices are good and bad.

"I like the gas prices to be high, but I hate paying that price at the pump. Either way, I'd rather have gas prices a lot lower like this," he said.

Oil representatives said when the cost of oil goes down, it is all about demand, not supply.

Over time, the American Oil Industry has become sophisticated, and, as a result, there is an excess of available oil for Americans.

Since America doesn't export oil, the oil sits there and production slows down; so what you pay at the pump today versus tomorrow is never certain.

"If business picked up, oil will pick up. If business stays down, oil will stay down," Abner said.

Since July, oil has lost nearly a quarter of its value. However, analysts expect the price to slowly start inching up. Friday, oil jumped $4.

So, while there is no guarantee, you should be able to expect lower prices at least through the weekend, and even through Labor Day.