AAA: Oregon gas prices lowest since March
Oregon drivers are seeing the lowest gas prices since last March, and they should drop even more in coming weeks, AAA Oregon/Idaho reported Tuesday.
Nationally, gas prices are at an eight-month low. For the week, the national average for regular unleaded falls a nickel $3.28 a gallon, while Oregon’s average plummets eight cents to $3.61 per gallon, AAA Oregon/Idaho Public Affairs Director Marie Dodds said.
How low can gas prices go? AAA says the national average could drop to $3.10 to $3.20 by the end of the year, while Oregon’s average could end up between about $3.30 and $3.40. Travelers piling into the car for Thanksgiving could enjoy prices that are 15 cents lower than they are now, Dodds said.
Given relatively inexpensive crude prices, adequate supplies and cheaper winter-blend fuel, and barring any unexpected market-moving news, drivers in as many as 20 states could enjoy an average price of less than $3 a gallon before the end of the year, she added.
The current national average is just a penny more than the low for 2014 ($3.27 on Feb. 7) and is the lowest price for this calendar day since 2010, when it was $2.75 a gallon. The current Oregon average is still 34 cents more than the 2014 low of $3.27 reached in February, AAA said.
Gas prices typically decline from September through early winter due to shrinking demand as people drive less during colder months. While gas prices will not fall every day over that period, drivers should pay significantly lower prices in December than they are paying today. The average price of gas in October has declined three consecutive years by an average of 13 cents per gallon. Gas prices averaged $3.49 per gallon in October during the previous three years.
Despite the relief, drivers in the Pacific states continue to pay the highest prices in the country. The top five most expensive states for gas are all in this region: Hawaii, Alaska, and California. Oregon and Washington are tied for fourth. Hawaii is the only state with an average price above $4 per gallon. Ongoing refinery issues have put upward pressure on prices here since the spring. The latest issue at the ExxonMobil facility in Torrance, California has been resolved.
One state now has an average below the $3 mark: Missouri at $2.99. No state has registered a daily average of less than $3 per gallon since January 23 when Missouri was last below this threshold.
Week-over-week, the average price for retail gasoline is down in 48 states, including Oregon, and Washington, D.C. Drivers in 19 states, including Oregon, are saving a nickel or more per gallon over this same period, with consumers in the Midwest experiencing the largest savings.
Month-over-month, prices have fallen in every state and Washington, D.C., led by the Midwestern states of Indiana (-37 cents) and Michigan (-37 cents). Consumers in 41 states, including Oregon, are saving a dime or more per gallon.
Oregon is one of only five states where the current average is higher than a year ago. Eighteen states are registering savings of a dime or more per gallon, with motorists in California (-18 cents) experiencing the largest savings at the pump. Of the five states where the price has increased in comparison to this date last year, Georgia (+5 cents) is the only state where the increment is more than fractions of a penny.
Global oil prices have continued to slide as supplies have outpaced demand and markets remain relatively unmoved by geopolitical tensions in the Middle East, Europe and Africa. WTI did settle 60 cents higher at $90.34 per barrel at the close of Monday’s formal trading on the NYMEX, but remains near the low-price for the year. On Friday, for the first time in 17 months, West Texas Intermediate (WTI) settled below $90 per barrel, breaking a streak of 365 consecutive settlements above this threshold. Today, WTI is trading around $89 a barrel, compared to $94 a week ago. Crude prices are down about four percent over the last month and are about $13 lower than a year ago.
Regular Unleaded
Current
Week Ago
Month Ago
Year Ago
Highest Rec. Avg. Price
Date
National Average
$3.279
$3.333
$3.440
$3.346
$4.114
7/17/2008
Oregon Average
$3.614
$3.686
$3.865
$3.607
$4.294
7/3/2008
Portland
$3.581
$3.655
$3.856
$3.589
$4.278
6/21/2008
Salem
$3.634
$3.700
$3.834
$3.607
$4.262
7/8/2008
Eugene/Springfield
$3.632
$3.685
$3.849
$3.577
$4.330
6/28/2008
Medford/Ashland
$3.591
$3.640
$3.856
$3.609
$4.379
7/11/2008
Bend
$3.656
$3.799
$3.917
$3.597
$4.345
6/20/2008
Vancouver, WA
$3.586
$3.660
$3.805
$3.604
$4.349
6/28/2008
For the fourth week in a row, there’s only one state, Hawaii, with regular unleaded at or above $4 a gallon. For the first time in 37 weeks, there is one state with an average below $3 per gallon: Missouri at $2.99. Seven additional states are within a dime of the $3 mark.
Hawaii has the most expensive gas in the country for the 102 nd consecutive week at $4.17, followed by Alaska at $3.90, and California at $3.67 (down three cents and third for the second consecutive week). Oregon and Washington are tied for fourth place. Oregon is at $3.61 (down eight cents and up from fifth last week) and Washington at $3.61 (down eight cents and remains in fourth). Idaho is eighth for the second consecutive week in a row at $3.53 (down seven cents). Missouri has the cheapest gas in the country for the fourth week in a row at $2.99 a gallon (down a dime).
Diesel prices are also moving down. The national average loses two-and-a-half cents to $3.71 a gallon. Oregon’s average falls a nickel to $3.88. Diesel is at or above $4 a gallon in five states, same as last week. Hawaii is most expensive at $4.86, followed by Alaska at $4.06, New York at $4.03, Connecticut at $4.01 and California at $4.00 (down a penny). Washington is sixth at $3.96 (down six cents). Idaho is seventh up from eighth last week at $3.89 (down three cents). Oregon is eighth down from seventh last week. A year ago, the national average for diesel was $3.88 and Oregon’s was $3.89.
Learn the lowest citizen-reported gas prices in your area at KTVZ.COM’s Pump Patrol.
