Oil prices may force Oklahomans to cut spending

Friday, August 6th 2004, 10:38 am
By: News On 6

OKLAHOMA CITY (AP) _ Economists in Oklahoma say rising oil prices may reduce consumer spending in the state.

University of Oklahoma economist Robert Dauffenbach says the higher prices act like a tax and are putting pressure on household budgets.

And University of Central Oklahoma economics professor Sue Lynn Sasser says consumers may begin cutting back on their spending.

The average price for gasoline in Oklahoma is just above $1.76 cents per gallon, more than a nickel per gallon higher than a month ago.

In Oklahoma City, the average is $1.73 cents per gallon. And in Tulsa the average is just below $1.72 per gallon.