Gas prices fall almost 6 cents in Maine

Why the price drop?

Oil prices fell sharply in July for the second year in a row on concerns of oversupply.

The state average for Oklahoma’s regular unleaded gas prices are about $2.45 with $2.03 reported at a DUO in southwest Oklahoma City.

The decreases follow a nine-day streak of increases totaling 72.1 cents that pushed the average price to its highest amount since May 12, 2014. “These places have suffered significantly”.

According to a survey by GasBuddy.com, the state’s gas prices averaged $2.79 per gallon on Sunday.

The prices can vary widely. In Alabama, the statewide average is $2.26.

Kansas City drivers can point to the boutique fuel blend that Kansas City has to use to reduce smog, said Steve Mosby, a partner with Admo Energy, which helps fuel retailers manage their purchases of gas and diesel. Ohio is extremely competitive when it comes to gas prices, and gas stations will often drop their prices down to unsustainable levels just to compete with the station across the street.

Still, factors could arise to keep that decline from occurring, such as overseas conflicts, unexpected jumps in crude oil prices, refinery disruptions or a major hurricane hitting the Gulf of Mexico oil production area.

That’s a decline of almost 5 cents a gallon in the last week and about 14 cents a gallon in last month. The $2.65 average is the lowest for this time of year since 2009. But it didn’t last.

The lowest gas price we have seen in San Antonio in the past decade was $1.44 on January 19, 2009, at the height of the Great Recession, when demand was minimal. At the same time, refining margins are strong and with the switch to cheaper winter grade gasoline in the coming month, ample supply of discounted gasoline will be available to motorists.

The U.S. average was $2.69 a gallon this week, compared with $2.73 in Iowa, data from the Iowa Department of Agriculture shows.