Terror attacks, fall season prompt dip in gasoline prices

Monday, October 22nd 2001, 12:00 am
By: News On 6

OKLAHOMA CITY (AP) _ Gasoline prices in Oklahoma have dropped about one penny per day in the last month and a half, falling this week to a statewide average of $1.15 per gallon.

Tulsa's citywide average of $1.10 per gallon Monday was one of the lowest in the country.

In Oklahoma City, the average was $1.11 cents, but many stations were selling gasoline for as low as 98 cents per gallon, said AAA Oklahoma spokesman Chuck Mai.

Mai said gasoline prices range from 98 cents to $1.14 per gallon in Oklahoma towns.

``I'm not sure if I've seen a range in recent months quite this great,'' he said. ``It really is a buyer's market right now. It's important to do some looking around.''

The statewide average three days after the Sept. 11 terror attacks was $1.60.

Gasoline prices fell an average of 9 cents a gallon nationwide in the past two weeks as the beginning of fall and continued travel fears slowed demand, an oil industry analyst said.

The average retail price of gasoline, including all grades and taxes, was about $1.34 a gallon on Friday, according to the two-week Lundberg Survey of nearly 8,000 gas stations nationwide.

The price of gas has fallen more than 22 cents since Sept. 7 and is about 27 cents lower than it was during the same period a year ago, said Trilby Lundberg.

The highest average price was $1.87 in Honolulu.

``Pump prices have been falling for six weeks, partly because this is the season when motorists use less gas, but mostly because of the Sept. 11 terrorist attacks on the United States, which drastically cut travel,'' Lundberg said.

A modest drop in crude oil prices also helped; they currently are averaging $21.50 a barrel.

Lundberg said lower demand for everything from gasoline to jet fuel is hurting the oil industry worldwide. However, she said gas prices might stop falling if the Organization of Petroleum Exporting Countries decides to cut production next month.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.31 a gallon for regular unleaded, $1.41 for midgrade and $1.50 for premium.