Falling Gas Prices Good For Consumers But Bad For State Revenue
Oklahoma motorists are enjoying some of the lowest gasoline prices in the nation. Prices have fallen as much as 90 cents in the past six months, with some stations selling gas at less than two dollars a gallon. The lower gas prices are the result of a decline in the price of crude oil, which is expected to hover at around 70 to 80 dollars a barrel in 2015.
But the drop in gasoline prices also means less tax revenue to the State of Oklahoma just as the legislature is developing a budget for the new fiscal year that begins on July 1, 2015.