Oregon gas prices at lowest levels since February
Oregon drivers pulling in to fill up are encountering prices at the gas pump that are at their lowest levels since February, AAA Oregon-Idaho reported Monday.
For the week, the national average for regular remains at $2.29 while Oregon’s average tumbles seven cents to $2.44.
“Oregon has the fourth-largest weekly drop and the third-largest monthly drop (-34 cents) in the nation,” said AAA Oregon/Idaho Public Affairs Director Marie Dodds. “AAA expects prices in most areas to remain relatively low compared to recent years; in fact, the national average may dip below $2 a gallon for the first time since 2009 as long as crude oil prices remain steady.”
The national average has held fairly steady for the last 12 days, and this trend may continue well into October as refineries conduct seasonal maintenance., AAA said
This year’s maintenance season is expected to be heavier than in years past because refineries ran at such high rates during the summer to meet high demand. Retail averages in some regions could rise temporarily during this period.
Drivers in every state are paying an average price below $3 per gallon for the first time since 2009. Still, averages on the West Coast remain some of the highest in the nation, and California unseats Alaska as the nation’s most expensive state for retail gasoline. Nevada, Hawaii and Utah round out the top five most expensive states.
For the second week in a row, Oregon is out of the top 10. Oregon’s average is 14 th most expensive, down from 11 th last week. New Jersey ($1.96) and South Carolina ($1.96) have the nation’s lowest averages, and a total of four states are below $2 a gallon.
Drivers nationwide continue to experience significant yearly savings in the price of retail gasoline. The national average is $1.01 and Oregon’s average is $1.19 lower than a year ago. The average price at the pump is discounted by more than $1 per gallon in 30 states and Washington D.C. year-over-year.
The balance between global supply and demand remains front of mind, and a number of factors are expected to influence global oil prices in the months ahead.
Saudi Arabia, the world’s largest exporter of petroleum and the swing member of the Organization of Petroleum Exporting Countries, announced plans to further cut prices to Asia in an effort to protect its market share. Russia is reportedly ready to enter talks with OPEC and other producing countries about possible reductions in output, and the country’s actions in Syria continue to make headlines that influence the geopolitical instability in the region.
Now that Hurricane Joaquin is no longer an imminent threat, market watchers are focusing their attention on domestic supply and demand in light of falling rig counts and the potential impacts of this year’s refinery maintenance season.
The number of rigs operating in the U.S. fell by 26 last week, its largest drop since April, which reportedly is a reaction to sustained low oil prices. West Texas Intermediate opened the Monday trading session posting gains for a second consecutive session, after closing out the Friday’s formal trading session on the NYMEX up 80 cents and settling at $45.54 per barrel. WTI is trading around $46 a barrel, compared to $44 a week ago. Crude prices are up about 1percent in the last month and are about $45 lower than a year ago.
Regular Unleaded
Current
Week Ago
Month Ago
Year Ago
Highest Rec. Avg. Price
Date
National Average
$2.290
$2.290
$2.411
$3.297
$4.114
7/17/2008
Oregon Average
$2.439
$2.506
$2.780
$3.630
$4.294
7/3/2008
Portland
$2.445
$2.507
$2.789
$3.605
$4.278
6/21/2008
Salem
$2.414
$2.473
$2.797
$3.644
$4.262
7/8/2008
Eugene/Springfield
$2.366
$2.439
$2.721
$3.646
$4.330
6/28/2008
Medford/Ashland
$2.388
$2.529
$2.961
$3.741
$4.379
7/11/2008
Bend
$2.470
$2.537
$2.827
$3.681
$4.345
6/20/2008
Vancouver, WA
$2.483
$2.555
$2.847
$3.610
$4.349
6/28/2008
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