FUEL PRICES FALL

Gasoline prices in Oklahoma and nationwide have dipped over the past month, just in time for Memorial Day

Memorial Day travelers likely will find a bit of a break at the gas pump after months of price increases.

Gasoline prices have been trending down over the past four weeks, slipping to less than the year-ago price just in time for the holiday.

“A recent dip in gas prices is welcome news for motorists, and Memorial Day holiday weekend road trips are expected to increase for the fifth straight year,” AAA Oklahoma spokeswoman Leslie Gamble said in a statement this week. “Eighty-eight percent of travelers will choose to drive to their Memorial Day destinations this year, the most on record.”

The average price for a gallon of gasoline in

Oklahoma City was almost $2.45 on Thursday, down 2 cents over the past week and off 11 cents from one month ago, according to GasBuddy. com. The price is down 19 cents from this time last year.

Nationwide, Thursday's average price was $2.85, down a penny over the past week, off 2 cents over the past month and down 12 cents from one year ago.

The gasoline price reprieve over the past month followed the largest seasonal jump in prices since 2011 as the national average surged more than 60 cents a gallon from the first of the year and Oklahoma City's average price is up 67 cents over the same time.

Despite the price gains, summer travel is expected to increase this year.

“For many Americans, this spring has pinched pocketbooks at a dizzying rate, but that still won't hold back many from hitting the road for the 90 days or so of prime summer weather,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.

“While the rise in prices has been steep this spring, perhaps the most important factor is that in many places, gas prices are still well below their all-time highs and perhaps even more importantly, over 50% of the nation's gas stations are selling at $2.99 per gallon or less. That's a key ingredient in the recipe for many Americans to hit the road again this summer.”

Gasoline prices typically increase in the spring as refiners switch to more expensive, cleaner-burning gasoline blends required by federal regulations.

The price at the pump also tends to track oil prices. Domestic benchmark West Texas Intermediate crude jumped 46%, or by $20.98, between the first of the year and April 23. The oil price has since retreated 13 percent, including a plunge of $5.22 over the past two trading days, closing Thursday at $57.91 a barrel.