The Norman Transcript

June 21, 2013

Gasoline: Supply, demand


The Norman Transcript

NORMAN — When was the last time you thought $3.50 a gallon gasoline was a bargain? The average self-service gasoline price has dropped 41 cents in four weeks, according to an analysis by AAA Oklahoma. The statewide average this week was $3.51, but we’ve seen $3.39 per gallon in some locations.

Prices neared $4 a gallon earlier this year. Eighteen states had lower average prices than Oklahoma, according to AAA.

Analysts say it’s a matter of supply and production. Two refineries that were shut down for repairs reduced the available supply, driving prices up in late spring.

The price dip comes as Americans enter the vacation season.

Memorial Day prices were closer to $4 a gallon. At this rate, prices around July 4 could be closer to $3 a gallon.