Raymond Berry Oakley III (April 4, 1948 – November 11, 1972), was an American bassist and one of the founding members of the Allman Brothers Band. He is ranked number 46 on Bass Player magazine's list of "The 100 Greatest Bass Players of All Time".

Oakley was known for his long, melodic bass runs that formed a throbbing foundation underneath Allman and Betts' furious guitar solos and jams. "In Memory of Elizabeth Reed", "Mountain Jam" and "Whipping Post" from the live album At Fillmore East capture Oakley at his best. Oakley was also the band member most involved in establishing domestic unity among the band's extended family. When Duane Allman died in a motorcycle accident on October 29, 1971, Oakley was devastated.

On November 11, 1972, Oakley was involved in a motorcycle accident in Macon, Georgia, just three blocks from where Duane Allman had his fatal motorcycle accident the year before. Oakley was driving around a sharp right bend of the road on Napier Avenue at Inverness when he crossed the line and collided at an angle with a city bus making the bend from the opposite direction. After striking the front and then the back of the bus, Oakley was thrown from his bike, just as Allman had been, and struck his head. Oakley said he was okay after the accident, declined medical treatment, and caught a ride home. Three hours later, he was rushed back to the hospital, delirious and in pain, and died of cerebral swelling caused by a fractured skull. Attending doctors stated that even if Oakley had gone straight to the hospital from the scene of the accident, he could not have been saved. He was 24 years old when he died, the same age as Allman.