Gas Prices Under $3 Per Gallon

By Latoya Silmon, The News On 6

TULSA, OK -- Paying at the pump just got a little less painful.  Gas is now under $3 a gallon.  It's good for your wallet, but what about our state's economy which depends so much on the oil business?

 Many drivers are excited to see lower prices and they want them to go even lower, but one industry expert says be careful what you wish for.

"It was just tearing me up. I was spending about $150 to $200 on fuel," said Theo Johnson.

Wayne Chapman says his boss was spending even more.

"His gas bill was around $6,000 a month," said Wayne Chapman.

But, now prices are falling.  At many Tulsa stations, unleaded is under $3 a gallon.

Hazel Turner is pleased.  She says the higher prices stopped her from putting in more than $20 at a time.

But, today I'm a put in 40.  Stretch it a little bit since it's 2.99," said Hazel Turner.

But, Dewey Bartlett the president of Keener Oil and Gas says there's a downside to the lower prices.

"The oil and natural gas industry is the most significant employer that we have in this state.  It creates the most jobs, it creates the most tax revenues," said Dewey Bartlett of Tulsa-based Keener Oil.  "So, when we see a very sharp decline in the price of gasoline and all the products related to it, it gives me a little pause."

When does that pause turn to panic?

"I'd say if the price of crude oil got down to, oh it's hard to say, the $60 range, something like that and certainly less than that.  At that point, it's not good. There will be layoffs and we'll have some problems," said Dewey Bartlett of Keener Oil.

We're certainly not there yet.  Crude oil is just under $90 a barrel.  But, if the economy keeps lagging, it will continue to drive gas prices down.

Many of the drivers who spoke with The News On 6 say, for now, they'll welcome the relief especially since their 401ks are losing value and they're paying more for groceries.