The Journal Record
By M. Scott Carter
Posted: 06:33 PM Tuesday, May 3, 2011
OKLAHOMA CITY – Oklahoma’s economy continues to show growth, but skyrocketing fuel prices could present a problem for the summer, state Treasurer Ken Miller said Tuesday.
Speaking at a media conference, Miller said the Oklahoma economy continues to improve.
“The news again is positive,” he said. “The broadest measure of Oklahoma’s economy in April shows growth over the prior year, in spite of rising fuel prices.”
But should fuel prices continue to increase, he said, they could hamper future growth.
“If you look at past experience, when gas prices were pushing $4 per gallon was our breaking point,” Miller said. “That’s when people really started changing their miles driven.”
In Oklahoma fuel prices typically increase during the summer, as more motorists use their vehicles. On Tuesday, the average price for a gallon of gas was about $3.80 in the Oklahoma City area, according to the AAA. In Tulsa, the average price was $3.85.
In April 2010, gas prices averaged about $2.85 per gallon. Additionally, April remittances show Oklahomans purchased 157 million gallons of gasoline last month, compared to almost 160 million gallons in April 2010.
Miller said motorists would probably see those higher prices maintained during the summer... FULL ARTICLE
Posted on
Tue, May 3, 2011
by John Cox