NEWS from AAA Oklahoma, Nov. 5 2007 – The national average price for a gallon of self-serve regular gasoline has topped $3.00 for the first time since July 20, 2007, according to AAA Oklahoma. AAA’s fuelgaugereport.com Web site pegs the average across the nation today at $3.004.

“Retail prices have been rising steadily since the national average hit $2.757 on Oct. 15 of this year,” said Chuck Mai, spokesman for AAA Oklahoma. “That same day, the Oklahoma average was $2.641. Today, it stands at $2.94.”

There are 17 states now with statewide gas price averages below that of Oklahoma. The least expensive states for fuel today are New Jersey at $2.792, South Carolina $2.854, Missouri $2.867 and Virginia $2.869.There are 22 states with average prices above $3 per gallon.

Prices at the pump today in Oklahoma City are averaging 14 cents more per gallon than prices in Tulsa. The Oklahoma City average for self-serve regular is currently $2.988, compared to Tulsa’s $2.85.

“Tensions between Turkey and Iraq are partly to blame for the astronomically-high crude oil prices we’re seeing on the futures market, although today we’re getting word the situation is easing,” said Mai. “Plus, oil market speculators who sell at these higher prices in the wake of bad Mideast news are inadvertently encouraging other speculators to buy, thinking prices will continue to rise, which has a tendency to drive prices even higher. It’s a vicious cycle”