As crude oil trades at record highs, Tulsa gas prices have dropped.

Prices for crude oil and gasoline continued to move in opposite directions Wednesday, extending an unusual trend that's been in place for several weeks.

A decline in crude oil inventories drove the commodity to a new trading high of $82.51 a barrel on the New York Mercantile Exchange. Crude closed at a record $81.93, up 42 cents.

Meanwhile, pump prices in the Tulsa area dropped 3 cents at many retailers to $2.69 for a gallon of unleaded.

The price was a dime below the national average and the state average of $2.79 per gallon, according to AAA-Oklahoma.

Industry observers noted that the two commodities usually move in tandem, but lately have broken step with each other.

Vance McSpadden, executive director for the Oklahoma Petroleum Marketers and Convenience Store Association, said demand for heating oil and diesel usually climb in the fall. But demand for gasoline wanes following the peak summer driving season.

Refiners also recently switched to winter-blend gasoline, which is less expensive to produce.

In May, the average gasoline price in Tulsa hit a record high of $3.27 a gallon, while a barrel of oil was trading for $69.35.

Analysts attributed the record fuel price then to a spate of refining outages, the switch to the summer blend, and an increased demand for fuel among motorists.

The current spread between crude

"Of course, gasoline is made out of crude oil," McSpadden said. "It has to go up at some point."

Oklahoma Secretary of Energy David Fleischaker said it is difficult to determine how the commodities will move in the short term.

"Temporary factors can affect the price of one or the other and disguise the relationship between the commodities," he said.

But Fleischaker added that fundamentally, the price of oil will drive the price of gasoline.

Tony Say, president of Oklahoma-based Ventura Refining and Transmission LLC, said gasoline prices could start climbing back to the $3 level next week.

"The economy looks like it will remain strong and demand will remain strong," he said.

The Energy Department reported Wednesday morning that U.S. crude oil supplies fell by 3.87 million barrels last week. Industry analysts surveyed by Bloomberg News expected a 2.08-million-barrel decline.

Oil began trading above $80 a barrel last week when Hurricane Humberto hit Texas, causing outages at several refineries. It has remained at record levels for seven straight sessions.

Crude prices still are well below the inflation-adjusted high of $101 hit in early 1980.

Significant inventory declines occurred at the Cushing Interchange, the nation's largest oil trading hub, located about 50 miles west of Tulsa.

Crude supplies in Cushing fell by 1.68 million barrels last week to 18.3 million barrels. The supply was at its lowest level since the week that ended Dec. 2, 2005, according to Bloomberg.

Analysts attributed the draw-down in Cushing, the delivery point for New York-traded West Texas Intermediate crude, to the demand among Mid-Continent refineries for oil.

Tom Kloza, chief oil analyst for the Oil Price Information Service, said the Cushing market gives a realistic snapshot for what has become an abstract futures market.

"It's like a horse race with a $5,000 purse that people bet millions on," Kloza said.

Jason Womack 581-8380
jason.womack@tulsaworld.com