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Gasoline cost dips to 99 cents a gallon at some Oklahoma City retailers

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Gasonline prices have dipped below $1 in the Oklahoma City metro, including this station at Costco. [DAVID DISHMAN/THE OKLAHOMAN]
Gasonline prices have dipped below $1 in the Oklahoma City metro, including this station at Costco. [DAVID DISHMAN/THE OKLAHOMAN]

When it comes to fuel prices, Oklahoma can’t be beat.

AAA showed on its website Tuesday that Oklahoma had the lowest average prices in the nation for regular, midgrade, premium and diesel fuels.

The state’s average price for a gallon of regular gas Tuesday was just under $1.70, with the next cheapest average in Ohio around $1.77.

And some retailers, according to crowd-sourced, were selling regular gas in the state on Tuesday for 99 cents a gallon.

Gasbuddy showed a Costco in north Oklahoma City was selling a gallon of regular for 99 cents to store members. Another gas station, DUO, listed 99-cent gasoline available for customers who paid with cash.

CM Food Mart also had prices set to that level Tuesday.

The next-lowest price of gas in Oklahoma was at Sam's Club, which was selling it for $1 per gallon, showed. Sam's Club, like Costco, requires a membership to purchase fuel.

AAA said the average price of a gallon of gas in Oklahoma on Tuesday was about 20 cents lower than it was a week ago, about 50 cents lower than it was a month ago and about 73 cents lower than it was a year ago.

The highest average daily price for a gallon of gas in Oklahoma was $4.11, set on July 17, 2008, AAA records show.

Leslie Gamble, AAA Oklahoma’s manager of public and government affairs, attributed the incredibly affordable prices right now to a lack of demand from consumers.

Normally, AAA would be seeing a spike in pricing because of increased demands from motorists on spring break trips.

“Crude oil pricing is the biggest driver, and we know it has dropped recently to the lowest level we have seen since 2002,” Gamble said. “When there is cheap crude oil, gas prices are going to be low.

“And we are seeing less traffic on the roadways. That decreases demand, increases supply and makes pump prices less expensive for the foreseeable future.”

Jesse Mercer, senior director of crude oil markets at Enverus, made similar observations.

“We have not yet seen primary stocks for refined production increase here in the U.S.,” Mercer said Tuesday.

“Instead, what you see is a lot of pressure on retail prices caused by bloated secondary and tertiary inventories held by local retail stations for end users like you and me,” he said.

“Product isn’t moving because fewer people are driving, so retail stations are not in need of resupply from the primary storage held at refineries and large tank farms.

“The supply chain is simply backed up.”

Jack Money

Jack Money has worked for The Oklahoman for more than 20 years. During that time, he has worked for the paper’s city, state, metro and business news desks, including serving for a while as an assistant city editor. Money has won state and regional... Read more ›

Dale Denwalt

Dale Denwalt has closely followed state policy and politics since his first internship as an Oklahoma Capitol reporter in 2006. He graduated from Northeastern State University in his hometown of Tahlequah. Denwalt worked as a news reporter in... Read more ›