The national average for a gallon of regular unleaded gas has fallen to $1.71. In Oklahoma, the prices could soon dip below a dollar. The state hasn’t seen average gasoline prices this low in 15 years.
The reason? U.S. refineries have amassed the largest stockpile of gasoline since 1994. But,according to StateImpact Oklahoma,that’s a problem for land-locked states like Oklahoma because there’s no place for that extra gas to go. On the coast, you can ship extra oil away. But in the middle of the country you just have to use the oil or let it sit. So prices in landlocked areas are far lower than areas near the ocean.
While this is good news for drivers, it’s bad news for many other Oklahomans. The crude oil downturn is driving major losses and layoffs at energy firms throughout the state. And Oklahoma’s budget gap has now reached $1.1 billion.