An OnCue Express station in Oklahoma City was the first in the US to drop the price of motor fuel to US1.99 a gallon. This was the first time gas dipped below US$2 since July 30, 2010.
“We knew when we saw crude oil prices drop last week that we’d break the US$2 threshold pretty soon, but we didn’t know if it would happen in South Carolina, Texas, Missouri or Oklahoma”, Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc. told Bloomberg.
“Today’s national average, US$2.74, now makes the current price we pay a whopping 51 per cents per gallon less than what we paid a year ago”, he added.
In the past five months, international oil prices fell by 37 percent, but despite than the OPEC decided not to reduce oil production. In the US, prices have fallen by almost a dollar since this year’s April 26 high and Michael Green, a spokesman for Florida-based motoring club AAA predicted that they will fall by another 15 to 20 cents a gallon.