The influence of disequilibrium effects of separation of the dissolved gas from the liquid phase on the hydraulic analysis of a horizontal pipeline, through which gas and oil mixtures are pumped, is investigated. The equation of motion accounting for the disequilibrium is solved with the aid of a computer in the assumption that the pressure drop rate is constant. Calculations show that consideration of the effects of delay in the process of separation of gas from oil (especially in the case of high pressure variation rates) can improve the accuracy of hydraulic analysis of pipelines considerably.