AAA sees lower Oregon gas prices through ’15
The national average for regular unleaded has fallen for a record 103 days while Oregon’s average has declined for 42 days in a row, AAA Oregon/Idaho reported Tuesday.
“For the week, the national average dips another eight cents to $2.19 a gallon. Oregon’s average skids a dime to $2.45 a gallon. Both averages are at their lowest prices in 5 1/2 years,” says AAA Oregon/Idaho Public Affairs Director Marie Dodds.
“AAA estimates households saved an average of $115 on gasoline in 2014 compared to 2013 due to plunging pump prices. Overall, Americans saved about $14 billion on gasoline in 2014 compared to the previous year,” she said.
The annual average price of gasoline in 2014 was $3.34 per gallon nationally, which is 15 cents less than 2013’s annual average of $3.49 per gallon. Oregon’s 2014 average price was $3.56, seven cents less than 2013’s annual average of $3.63 a gallon.
The national average has fallen every day since Sept. 25 ,for a total of $1.16 per gallon. Today’s price is $1.51 (approximately 41 percent) less than the 2014 peak of $3.70 per gallon on April 28. The Oregon average has fallen every day since November 25, adding up to a 61-cent drop and is $1.54 (about 39 percent) less than the 2014 peak of $3.98 reached on July 3.
Pump prices may drop another 10 cents per gallon during the next two weeks as retail prices catch up with the steep declines in the cost of crude oil, Dodds said.
Barring any significant fluctuations in the price of crude oil, AAA predicts the national average is likely to remain below $3 per gallon in 2015, although prices may see seasonal increases this spring and summer.
Gas prices typically rise about 30 to 50 cents per gallon during the spring refinery maintenance season due to decreased production and tighter supplies. During this period, it is possible that some regions, particularly the Northeast and West Coast, could see average prices rise back above $3 per gallon. Similarly, gas prices may rise in the summer due to strong demand as Americans take road trips.
Drivers in seven states have averages below $2 a gallon, and drivers in 40 states can find at least one station selling gas for less than $2. The lowest gas prices continue to be found in the center of the country, with Missouri having the cheapest average of $1.84 a gallon. Hawaii remains the only state with an average above $3 at $3.49.
Pump prices are down in every state and Washington, D.C. week-over-week. Oregon is one of 17 states where drivers are saving a dime or more.
Since this time last month, the price at the pump has fallen in every state and Washington, D.C. by more than 30 cents per gallon. Oregon is one of 21 states where drivers are saving 50 cents or more per gallon to refuel their vehicles.
The most extreme discounts are reflected in yearly comparisons. Averages are down by a dollar or more in 39 states, including Oregon.
The price of crude is continuing its downward slide and has lost more than half of its value since June. The market believes there is a global glut of crude oil and petroleum products due to rising North American production and lower than forecast demand overseas.
In addition, Saudi Arabia has reportedly encouraged lower oil prices in order to better compete with U.S. shale oil production. Abundant supplies could result in crude oil prices dropping even further during the first quarter of 2015. These low prices could disrupt U.S. oil production by reducing profits, or could increase instability in other oil producing countries whose economic stability is dependent on revenue from oil production.
Crude oil prices are trading below $50 per barrel for the first time since April 2009. At the close of Monday’s formal trading on the NYMEX, West Texas Intermediate fell $2.65 (5.3 percent) to $50.04 per barrel. Today WTI is trading around $48 a barrel, compared to $53 a week ago. Crude prices are down about 24 percent over the last month and are about $44 lower than a year ago.
Regular Unleaded
Current
Week Ago
Month Ago
Year Ago
Highest Rec. Avg. Price
Date
National Average
$2.194
$2.273
$2.692
$3.317
$4.114
7/17/2008
Oregon Average
$2.441
$2.539
$2.955
$3.347
$4.294
7/3/2008
Portland
$2.452
$2.555
$2.936
$3.342
$4.278
6/21/2008
Salem
$2.348
$2.443
$3.944
$3.316
$4.262
7/8/2008
Eugene/Springfield
$2.439
$2.535
$2.938
$3.376
$4.330
6/28/2008
Medford/Ashland
$2.416
$2.502
$2.963
$3.397
$4.379
7/11/2008
Bend
$2.435
$2.520
$2.900
$3.369
$4.345
6/20/2008
Vancouver, WA
$2.456
$2.563
$2.917
$3.378
$4.349
6/28/2008
For the ninth week in a row, there are no states with an average price for regular unleaded at or above $4 a gallon. Forty-eight states and Washington D.C. have averages below $3 per gallon, same as last week. Eight states below $2 a gallon, up from two states a week ago.
Hawaii has the most expensive gas in the country for the 115 th consecutive week at $3.49, followed by Alaska at $3.00, New York at $2.72, California at $2.65 (down a penny and up from seventh last week), and Vermont at $2.64. Washington is ninth for the second consecutive week at $2.46 (down nine cents). Oregon is 10 th for the third week in a row at $2.44 (down a dime). Idaho is 34 th down from 29 th last week at $2.07 (down 15 cents). Missouri has the cheapest gas in the nation for the seventh week in a row at $1.84 a gallon (down eight cents).
Diesel prices are also falling. The national average loses eight cents to $3.09 a gallon. Oregon’s average slips seven cents to just under $3.00. Diesel is at or above $4 a gallon in just one state, same as last week. Hawaii is most expensive at $4.69, followed by New York at $3.53, Alaska at $3.44, Connecticut at $3.43 and North Dakota at $3.43. California is 14 th up from 18 th at $3.22 (down three cents).
Washington is 20 th up from 22 nd last week at $3.13 (down nine cents). Idaho is 23 rd down from 20 th last week at $3.10 (down 13 cents). Oregon is 36 th up from 37 th last week. A year ago, the national average for diesel was $3.87 and Oregon’s was $3.90.
Find the lowest citizen-reported gas prices in your area at KTVZ.COM’s Pump Patrol.
