Current Gasoline Prices in Tulsa Fall below $3

Drivers all over the Green Country, Oklahoma received an early Christmas surprise as gasoline prices today are below $3 per barrel.

In the past several days, the prices of gasoline have been significantly dropping, providing motorists in the area relief at the pump way ahead of Christmas time.

Analysts at Merrill Lynch-Bank of America say that the crude oil price per barrel of the U.S. benchmark could dramatically fall to $50 in the next 24 months.

The lower gasoline prices today are certainly wonderful news for everyone who might be trying to manage their budgets wisely and save as much as they can, especially during this time of the year where extra spending for the holidays may be called for.

Gas price tracking figures show that the area’s current gasoline price average is $2.96 per gallon. That level is lower by four cents compared to the national average.

Last week, the area’s gasoline price average was $3.08 per gallon, while the national figures stood at $3.48 per gallon.

While the figures are merely averages, there are some parts of the region with their current gasoline prices at $2.90 a gallon.

Many wonder what may be causing the continuous fall in prices, and analysts in the industry say that the country’s oil supply is apparently higher at the moment. Thus, it all comes back to supply-demand fundamentals.

Oil production is higher, which is surprising to some. According to CNN Money, there are challenges in moving huge quantities of new oil from particular areas in the nation, like the Bakken Shale of North Dakota and the Eagle Ford of Texas, to the market.

Consequently, drivers can be grateful to the high oil supplies for the surprise relief at the pump that they are presently enjoying.

By: Chris Termeer

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