Gasoline Prices In Tulsa Area Continue To Drop

Wednesday, December 12th 2012, 7:42 am
By: News On 6

Good news for drivers across Green Country Wednesday morning, it looks like Santa has paid an early visit to the gas pump.

Within the last couple of day gasoline prices have noticeably dropped giving drivers a break just ahead of the Christmas holiday.

Analysts with Bank of America Merrill Lynch say in the next two years US oil prices could sink to 50-dollars a barrel.

The drop in prices is certainly a relief for people trying to save where they can during the holidays.

A check of shows the average price for gasoline in the Tulsa area is $2.96, which is four cents less than the national average.

A week ago gas in Tulsa was averaging $3.08, while the national average was $3.48.

While those numbers are the average, there are prices below $2.90 per gallon. For instance, reports Sam's Club near 71st and Mingo has gas going for $2.87 a gallon.

So what is the deal? Industry analysts say there is apparently more oil in the US. It all goes back to supply and demand.

Analysts say more oil is being produced which came as a surprise to some. CNN Money reports there's a problem moving large amounts of new oil from certain parts of the country like North Dakota's Bakken shale and Texas' Eagle Ford to the market.

Bottom line, we're seeing some relief at the pump thanks to this surprise, so to speak.