Mark Madeja
Senior Specialist, Public & Government Affairs
O: (918) 748-1074
C: (918) 935-9318
Mark.madeja@aaaok.org

Leslie Gamble
Manager, Public & Government Affairs
O: (405) 753-8040
C: (405) 488-7611
Leslie.Gamble@aaaok.org

 

March 9, 2020 - At $2.38, the national gas price average has not been this cheap since last February. Oklahoma was among the top ten states with the largest price decline, (- 7 cents), and motorists here are paying the third least expensive prices in the nation for gas at $2.07 a gallon.

The national gas price average is cheaper on the week (-5 cents), month (-5 cents) and year (-9 cents) – giving the vast majority of motorists savings at the pump.

“For the third week, U.S. gasoline stocks decreased while demand increased. Generally, growing demand amid declining stocks causes increases at the pump, but crude oil prices have dipped to four-year lows, signaling spring could be cheaper at the pump,” said Leslie Gamble, AAA Oklahoma spokesperson.

When the global markets opened on Sunday evening, West Texas Intermediate (WTI) crude oil prices dipped below $30/bbl for the first time since 2016. The market plunge is in response to a lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production. The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $4.62 to settle at $41.28. Crude prices plunged at the end of last week after OPEC and other major crude producers, including Russia, failed to set a new production reduction agreement amid mounting global crude demand concerns caused by COVID-19. The rapid decline in crude prices has increased market concerns that an oil price war may breakout this week between major crude producers, contributing to further economic troubles worldwide as crude prices continue to drop dramatically. Moreover, the market continues to worry that the impact of COVID-19 will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases, crude prices are likely to continue facing significant downward pressure.

Quick Stats

  • The nation’s top 10 largest weekly price decreases are: Indiana (-12 cents), Michigan (-11 cents), Illinois (-11 cents), Delaware (-8 cents), Iowa (-7 cents), Florida (-7 cents), South Carolina (-7 cents), Oklahoma (-7 cents), Wisconsin (-6 cents) and Missouri (-6 cents).   
  • The nation’s top 10 least expensive markets are: Texas ($2.06), Mississippi ($2.07), Oklahoma ($2.07), South Carolina ($2.09), Louisiana ($2.10), Missouri ($2.10), Alabama ($2.11), Arkansas ($2.13), Kansas ($2.14) and Tennessee ($2.16).

 


 

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.


Related Articles

TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

public affairs

Keeping Member's interests at the forefront

Contacts by region

fuel price finder

Find the lowest gas price in your area

Find prices

gas information

Tools, tips and other resources

learn more

Videos

Local news stories & information

Watch now