Gas prices are down — way down. Some Oklahomans may be surprised to see prices lower than there have been since the spring, despite the turmoil in the economy.
Local gas prices are at an average of $2.63 per gallon in Norman because oil prices have dropped dramatically, from about $147 a barrel to below $80 a barrel over the past couple months, said Alesha Leemaster, communications specialist and spokesperson for Devon Energy.
The lower demand for crude oil is causing the price to diminish, sending gas to a more favorable price, said Mike McDonald, co-owner of Triad Energy Company.
“Evidently people think we’re not going to use as much [gas] because the economy is bad,” McDonald said.
Norman resident Candelon Burns, 23, said she is amazed to see prices continue to drop below $3 per gallon.
Burns said she and her fiancé commute daily between Norman and Moore for their jobs. She said the decrease in gas prices has made it easier to get by.
“It’s definitely helped my budget a lot,” Burns said.
Consumers may be reaping the benefits of lower prices, but some oil companies are not as thrilled with the situation.
McDonald said companies that produce oil and gas are losing business, because the price of oil is so low right now.
Oil prices are based on supply and demand, and with the economy in ragged shape there is less demand. The economy market is so unstable, that many people are nervous, Leemaster said.
“The recent turmoil in financial markets most likely has caused people to conserve more and consume less, essentially lowering demand and easing oil prices,” Leemaster said.
Burns said she thinks the economy is in trouble because so many people are focusing on the upcoming presidential election.
Part of the problem is everyone is so busy anxiously waiting to see who the new president will be, and the current president is just preparing to leave office instead of remaining involved with the issues, Burns said.
Cheapest Gas in Norman
• Murphy USA, 609 NE 12th and E. Main, $2.33 per gallon Wednesday
• Express, 1251 E. Alameda, $2.33 per gallon Tuesday
• Murphy USA, 363 N. Interstate Dr., $2.35 per gallon Wednesday
• Love’s, state Highway 9 & I-35, $2.35 per gallon Wednesday
• Shell, 1120 N. Berry Rd., $2.35 per gallon Tuesday
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