The national average price for a gallon of regular self-serve gasoline is $3.50. This is 19 cents cheaper than the price one month ago, 15 cents less than one year ago, and 44 cents below the year-to-date peak price of $3.94 in early April. The national average price at the pump has now fallen for 62 of the previous 64 days.
Oklahoma’s least expensive gasoline today is found in Dewey, where the citywide average is $3.196 for regular self-serve. The state’s most expensive gasoline is in Weleetka, $3.899.
Lower crude oil prices and economic concerns both at home and abroad remain the primary reason for the steady decline nationally in retail gasoline prices over the past several months, although the Oklahoma average has actually risen ten cents per gallon over the past seven days.
West Texas Intermediate crude oil prices decreased 76 cents per barrel yesterday to settle at $83.27 at the close of formal trading on the New York Mercantile Exchange. Markets initially moved higher after results from Sunday’s Greek election showed victory for the New Democracy party, which supports the international bailout.
designed to keep Greece from defaulting on its debt obligations. This optimism regarding the euro zone economy was short-lived as focus quickly shifted to sovereign debt concerns in Spain and the overall weak financial conditions of the euro zone.
Also on traders’ minds this week is a slate of potentially market-moving news. This includes continued political developments following Sunday’s Greek elections; a meeting regarding the Iranian nuclear enrichment program in Moscow between Iran and the five permanent members of the United Nations Security Council; the Group of 20 meeting in Mexico to discuss the current global economic crises; and the results of an independent audit of the Spanish banking system. Successful talks with Iran could potentially continue to lessen the “risk premium” that was estimated at $20 to $30 per barrel during the height of geopolitical tension with that country this spring.