Gasoline prices in Tulsa have dropped below $3 per gallon at many locations, the lowest they have been in 11 months.
The price on Monday at Tulsa-area QuikTrips was $2.98 per gallon for regular unleaded, according to GasBuddy, a fuel price-tracking service.
The last time the average price in Tulsa was below $3 per gallon was mid-January, according to GasBuddy.
Tulsa prices have dropped about 16 cents per gallon in the last week and more than 45 cents in the last month. And while there have been some ups and downs — sometimes with prices spiking 20 cents overnight — current prices are also $1.50 less per gallon than their peak in mid-June.
“What an incredible turnaround in the last week. While a decline was expected in more states last week, I didn’t expect every single state to hop on the bandwagon so quickly,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a blog post Monday.
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“But it’s terrific news as motorists prepare for Thanksgiving travel, with tens of thousands of stations under $3 per gallon and thousands more to join in the next few weeks, barring a dramatic turnaround,” he said.
“Everyone will be seeing relief at the pump this week, with even more substantial declines on the way as oil prices plummeted last week to briefly trade under $80 per barrel,” De Haan said.
“It’s not impossible that if oil markets hold here, we could see a national average of $2.99 around Christmas, certainly the gift that every motorist is hoping for. Drivers shouldn’t be in a rush to fill up as prices will come down nearly coast-to-coast into the heavily traveled Thanksgiving holiday.”
On Monday, Oklahoma’s average price per gallon was $3.186 and the national average was $3.64, according to AAA and GasBuddy.
The states with the lowest average prices on Monday were Texas ($2.93), Georgia ($3.07) and Mississippi ($3.08), according to GasBuddy.
The states with the highest average prices were California ($5.18), Hawaii ($5.14) and Nevada ($4.82).
Prices began skyrocketing this year after Russia’s invasion of Ukraine in February.
That, combined with a relatively stable but limited oil supply, limited refining capacity, and high demand following pandemic-related lockdowns and other factors, led to prices well beyond the highest previously set in 2008, local and national analysts told the Tulsa World in June.
The price at Tulsa-area QuikTrips reached $4.49 per gallon for regular unleaded in mid-June.
The statewide average reached an all-time high of $4.666 per gallon on June 15, according to AAA. Some service stations and convenience stores in the state had gas prices above $5 per gallon around that period.
The national average also surpassed $5 per gallon for the first time in June.
On Friday, benchmark U.S. crude oil for December delivery fell $1.56 to $80.08 a barrel wholesale gasoline for December delivery fell 3 cents to $2.42 a gallon.
On Monday, benchmark U.S. crude fell 35 cents to $79.73 a barrel wholesale gasoline rose 2 cents to $2.44 a gallon.
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Throwback Tulsa: Area gas prices since 1998
1998 Tulsa gas price
Dec. 21, 1998: Tulsa resident Jim Masterson is reflected in a mirror at the Texaco Gas Station at 15th and Main as he fills his car's gas tank Monday morning.
2001 Tulsa gas price 1
June 28, 2001: Jerrald Walker pumps gas at $1.18 per gallon at Anam Gudy's Texaco at 7020 E. Admiral. Gas prices in Tulsa had fallen to below $1.20 per gallon for the first time in months.
2001 Tulsa gas price 2
May 22, 2001: Motorists gas up at the QuikTrip (QT) station at the southeast intersection of Interstate 44 and 163rd East Avenue in Tulsa.
2001 Tulsa gas prices 3
Sept. 11, 2001: Gas prices at this Tulsa gas station north of Interstate 44 on Peoria are among the highest in Tulsa. Local sources report that any prices increases due to terrorist activity along the east coast are probably due to gouging by individual station owners.
2005 Tulsa gas prices 1
March 8, 2005: The new higher gasoline prices at QuikTrip in downtown Tulsa.
2005 Tulsa gas prices 2
Aug. 8, 2005: Gas price at a Shell station on the southeast corner of 36th Street and Harvard Avenue.
2005 Tulsa gas prices 3
Sept. 1, 2005: Tulsa gas prices hit $3.00 at the QuikTrip station at 15th Street and Denver Avenue in Tulsa.
2006 Tulsa gas prices 1
March 30, 2006: Tulsa gas prices rose to $2.49 today. Here, a man hooks his tanker up the underground tanks at the Shell station at 81st and Harvard Ave.
2007 Tulsa gas prices 1
Jan. 12, 2007: Gas prices have dropped below $2.00 a gallon.
2007 Tulsa gas prices 2
May 18, 2007: High gas prices reach $3.39 at 41st and I-44 in Tulsa.
2008 Tulsa gas prices 1
June 23, 2008: Prices at the pump are different all over Tulsa. Pictured is the Shell station at 41st Street and Yale Avenue, where regular unleaded was $3.95 a gallon.
2009 Tulsa gas prices
Oct. 16, 2009: Tulsa gas prices at the QuikTrip near 15th and Denver.
2010 Tulsa gas prices
June 23, 2010: Price of regular unleaded and diesel at the Fiesta Mart at 15th & Harvard in Tulsa.
2011 Tulsa gas prices
Nov. 23, 2011: Customers fill their tanks at QuikTrip at 21st and Harvard Avenue in Tulsa.
2012 Tulsa gas prices
April 4, 2012: Gas prices in Tulsa were at close to $3.60/gallon at this Tulsa QuikTrip location near 61st Street and Lewis Avenue.
2012 Tulsa gas prices 2
October 25, 2012: A QuikTrip sign showing gas prices under $3, taken near 11th and Harvard in Tulsa.
2013 Tulsa gas price $3.82
In May 2013, Tulsa gas prices of $3.82 per gallon for regular unleaded gas are on display at a QuikTrip station at 21st Street and Memorial Drive.
2014 Tulsa gas prices 1
Feb. 13, 2014: The QuikTrip gas pump at 96th & Riverside in Tulsa.
2015 gas price
Dec. 31, 2015: Unleaded gas prices are down to $1.51/gallon at the QuikTrip on 11th Street and Utica Avenue, on Thursday, Dec. 31, 2015.
2017 gas price
Aug. 30, 2017: Gas prices reach 2.39 for regular unleaded at QuikTrip near Admiral and Yale.
2019 gas price
Aug. 28, 2019: Gas prices are advertised at Casey's General Store in Owasso.
2020 gas prices 1
March 25, 2020: The price of gas is falling and this outlet added a message in Coweta. Wagoner County American-Tribune photo
2020 gas prices 2
April 27, 2020: $0.94 gas is advertised at the Sam's Club gas station in Tulsa Hills.
2021 gas prices
July 12, 2021: Gas prices at Quiktrip in Tulsa.
2022 Gas Prices 1
Jan. 24, 2022: Kennedi Wright gases up her car at Quiktrip in Tulsa, where prices were $3.08 per gallon.
2022 gas prices 2
March 7, 2022: A Sinclair gas station in Tulsa.
2022 Gas Price 3
March 28, 2022: Tulsa had the lowest average gasoline price in the U.S. amid many areas of the country with prices well over $4 per gallon. Pictured is a Quik Trip in Tulsa.
Gas Prices May 31, 2022
May 31, 2022: Gas prices of more than $4 per gallon are displayed at a Tulsa QuikTrip on Tuesday. Tulsa and the state have set new average gas price records in recent days.
June 2022 gas price
June 7, 2022: Gas prices are displayed at a Tulsa QuikTrip. The price jumped 20 cents per gallon in a day at many Tulsa convenience stores.
July 2022 price
July 5, 2022: Gas prices, as seen here at a Tulsa QuikTrip, have fallen about 30 cents per gallon locally since a high in mid-June.
mid-July 2022 gas prices
July 18, 2022: Gas prices at the pump at QuikTrip in Tulsa
late july 2022 gas price
July 25, 2022: Gas prices at QuikTrip in Tulsa show area prices dropping for the sixth-straight week
August 2022 Tulsa gas prices
Aug. 2, 2022: Gas prices continue to decline, as shown at this Tulsa QuikTrip
Early August 2022 gas prices
Aug. 8, 2022: Local and state gasoline prices have fallen more than $1 per gallon since peaking in mid-June, and prices should continue to go down for at least another week or two, a national analyst said.
