Gasoline prices have fallen for the fifth straight week and likely will continue to fall, barring any supply disruptions, a national analyst said.

Prices at most Tulsa-area gas stations went under $4 per gallon over the weekend, the first time since May. The price at area QuikTrips was $3.95 per gallon on Monday.

“We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years,” said Patrick De Haan, head of petroleum analysis at GasBuddy, a fuel price-tracking service, in a blog post Monday.

“This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August,” he said.

“So far, we’ve seen the national average drop for 34 straight days, with over 25,000 stations now back at $3.99 per gallon or less, and thousands more stations will join this week. In addition, we will see several states fall back under an average of $4, the majority being in the South, but that could spread to more states in the weeks ahead,” De Haan said.

The national average price was $4.51 per gallon on Monday — down 47.9 cents from a month ago; Oklahoma’s average price was $4.216 Monday, according to GasBuddy and AAA.

The states with the lowest average prices were South Carolina ($3.99), Texas ($4.01) and Mississippi ($4.02).

The states with the highest prices were California ($5.89), Hawaii ($5.52) and Alaska ($5.36).

Before prices started rising following Russia’s invasion of Ukraine in late February, the previous average high price for gasoline in Oklahoma was $3.95 per gallon on July 16, 2008, AAA said.

The national average price of diesel has declined 10.8 cents in the last week and was $5.54 per gallon, according to GasBuddy.

Oklahoma’s and Tulsa’s average price for diesel was $5.058 and $4.989, respectively, on Monday, according to AAA.

Benchmark U.S. crude oil for August delivery rose $5.01 to $102.60 a barrel Monday.

Wholesale gasoline for August delivery rose 5 cents to $3.25 a gallon Monday.

GasBuddy said that according to global oil field services company Baker Hughes, last week’s U.S. rig count was up four to 756, which was 272 rigs higher than a year ago.

Last week, national gasoline demand plummeted to just 8.06 million barrels per day, one of the largest post-Independence Day drops and one of the weakest numbers outside of COVID in 2020, De Haan said.