After recent highs of $4.50 per gallon, the average price of gasoline across the U.S. has fallen to $4.04 per gallon.
Oklahoma’s average, which reached $4.01 a month ago, has dropped to $3.53 per gallon, according to AAA in its latest price update. The average in the state was $3.64 a week ago, but prices are falling more and more as the peace deal to end the war between the U.S. and Iran comes closer. A signing of a memorandum of understanding is still set for Friday.
At the G-7 conference in France, President Trump said the agreement is not a final deal, and he warned the U.S. might resume bombing Iran “if they don’t behave.” He further said if a wider deal is not reached, “We go back to bombing. I don’t want to do that, because it’s so good, but might have to, because we’re never going to let them have a nuclear weapon.”
Still, even with the cautious end to military attacks between the two countries, gasoline prices continue their decline. The national average of $4.04 compared to a week ago when prices averaged $4.16.
Oklahoma City gasoline prices are down to $3.42 a gallon, according to AAA, ten cents lower than a week ago and 50 cents cheaper than a month ago when the average price was $3.92.
GasBuddy reported one store in Oklahoma City pumped gas for $2.99 a gallon. Several places sold it for $3.07 and $3.09 per gallon.
Tulsa’s average price this week is $3.50, 17 cents lower than a week ago and 68 cents cheaper than a month earlier.
The average price in Lawton dropped from $3.56 last week to $3.42 per gallon this week.
At least two counties in the state still have average prices of more than $4 per gallon, Coal County in the southeast averages $4.31 while Ellis County in the northwest has an average price of $4.02 per gallon.
Oklahoma’s new average compares to $3.52 in Texas, $3.69 in Kansas, $4.02 in Colorado, $4.03 in New Mexico, $3.64 in Arkansas and $3.70 in Missouri.
AAA said it was the third consecutive week for gasoline prices to decline across the nation and the fall offered “some relief to drivers during the busy summer travel season.”
Falling crude oil prices are credited with the gasoline price decline as they dropped below $80 a barrel this week. Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.
