OKLAHOMA CITY – While U.S. wholesale gasoline prices at the end of August dropped to their lowest levels since before Russia’s war against Ukraine, prices in Oklahoma fell to a statewide average $3.43 a gallon. Pump prices in southwest Oklahoma slipped even lower prior to the Labor Day holiday.
Oklahoma’s average price of $3.43 on Aug. 31 compared to $3.52 the previous week, $3.77 a month earlier, and $2.88 a year ago. Oklahoma’s average price Aug. 31 compared to $3.32 in Arkansas, $3.34 in Texas, $3.42 in Missouri, $3.51 in Kansas, $3.71 in Colorado and $3.69 in New Mexico.
On Friday, Sept. 2, prices at the pump for regular unleaded in southwest Oklahoma ranged from $2.87 to $2.89 per gallon in Lawton, $3.13 to $3.29 in Altus, and $3.29 to $3.39 in Duncan, GasBuddy reported.
Diesel prices remained high, ranging from $4.13 to $4.19 per gallon in Lawton, $4.69 in Duncan, and $4.48 to $4.79 in Altus, according to GasBuddy.
Drivers in Oklahoma City paid an average of $3.43 for gas last week, while in Tulsa the average was down to $3.37 a gallon. Prices in both cities dropped dramatically in the past month; Oklahoma City’s previous average was $3.83 and the average in Tulsa was $3.64.
Gasoline prices last week remained much higher in a handful of counties around the state, reaching $3.94 a gallon in the northwest county of Ellis. Woods County recorded an average of $3.74. Hughes County in the southeast was an average $3.90 a gallon, while neighboring Coal County’s average was $3.82.
In a related matter, Georgia’s governor extended the suspension of his state’s motor fuel tax through Oct.12.
Gov. Brian Kemp signed an executive order Sept. 1 extending the suspension for a fourth time.
Kemp previously signed a law in March that passed with broad bipartisan support, suspending the state’s gas tax through May31. Kemp signed additional extensions in May and July. The order also suspends the state sales tax on train locomotive fuel.
Georgia’s gasoline price normally includes a federal tax of 18.4 cents per gallon and a state tax of 29.1 cents per gallon.
Oklahoma’s motor fuel tax is 19 cents per gallon for both gasoline and diesel.
In Fiscal Year 2022 the gasoline levy generated $370.5 million, and the diesel tax produced $181 million, Oklahoma Tax Commission ledgers show. In FY 2021 the gasoline tax brought in $356.2 million, and the diesel tax produced $168.5 million, Tax Commission records reflect.