NEWS from AAA Oklahoma, August 8 2007 – Oklahoma’s statewide average price for self-serve regular gasoline has fallen 38 cents per gallon over the last 25 days, according to AAA Oklahoma.

“Thanks to higher refining output, today’s gas price average in Oklahoma is $2.796, compared to $3.179 recorded on July 14,” said Chuck Mai, spokesman for AAA Oklahoma. “However, there’s still a significant gap between Tulsa and Oklahoma City prices. Today, Oklahoma City’s average is 15 cents below Tulsa’s with some gasoline stations in Oklahoma City selling regular for less than $2.55 per gallon.”

AAA’s Fuel Gauge Report (http://www.fuelgaugereport.com/) today shows the nationwide average for self-serve regular gasoline at $2.821 per gallon, 4.6 cents less than one week ago and 21 cents below the $3.031 recorded three weeks ago. The national retail gas price average has not been this low since April 13 of this year.

“The volatility on Wall Street seems to have spread to the futures market for oil and wholesale gasoline this week,” said Mai. “Oil is now trading in the $72 to $73 range on the New York Mercantile Exchange after testing new highs above $78 last week.”

However, today’s government inventory report shows crude oil stocks down by 4.1 million barrels since last week and gasoline inventories down by 1.7 million barrels.

Across the country, 17 states have a lower gas price average than Oklahoma, including South Carolina with the nation’s least expensive gas at $2.621, Missouri at $2.686, Arkansas $2.728 and Texas $2.744.

Five states today have gas price averages above $3. Among the contiguous 48 states, New York has the most expensive gasoline at $3.050 per gallon.