Posted August 1, 2014 - The summer season is the time for the massive blockbuster movie like Transformers and the massive increase in gas prices. The movie industry knows we have more time in the summer to go watch movies so they give us non stop action for 3 months. The oil and gas industry also knows about this 3 month time period and they know that families like to go on vacation so the increase in gas prices is almost always inevitable. But not this year!
The average price of gas posted the largest July decline in six years, according to the latest survey by AAA, as refiners are pumping out record volumes of supplies.
Oklahoma has seen a boom in the production of crude oil especially in the north western part of the state which just so happens to have the lowest unemployment rates in the state. It's no coincidence that refineries are working over drive because of the numerous conflicts in Russia and now in Israel. Global headlines like these usually mean higher prices at the pump for us but that's not the case. That's due to the hike in oil production in the U.S and in this part of the world.
"The boom in North American crude oil production provides a cushion that helps insulate the U.S. from some of the impact of global conflict on oil prices," said AAA spokesman Michael Green.
Consumers this week have paid the lowest gas prices since the middle of March. The national average price for a gallon of regular gas was $3.52, according to AAA.
So get your kids, plan a trip and hit the road before gas prices sober up and begin their usual climb. If not, Guardians of the Galaxy opens up this week. Talking raccoons sounds like a lot of fun. On second thought, talking mice sounds like a much better time. Disney, here we come!