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Oregon’s average gas price dips below $3 for first time in 10 months

KTVZ file

But prices are still up from a year ago

PORTLAND, Ore. (KTVZ) – Growing gasoline stocks and low seasonal demand are putting downward pressure on pump prices and have brought Oregon its lowest average gas price, below $3 a gallon, for the first time in 10 months, AAA Oregon-Idaho reported Tuesday.

For the week, the national average for regular loses three cents to $2.54 a gallon. The Oregon average falls a penny to $2.99. It’s the first time the Oregon average has dipped below $3 a gallon since March of last year.

The U.S. Energy Information Administration shows increasing gasoline stocks, measuring at 258 million bbl. This is the highest level in nearly a year. At the same time, demand is relatively low, as is usually the case in January, when people tend to drive less.

“Gasoline supplies are outpacing demand this winter, which is resulting in lower pump prices here in Oregon and in every other state this week, except Hawaii,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. Still, prices are 5 to 54 cents higher than last year at this time.”

Oregon is one of 49 states and the District of Columbia where gas prices are lower now than a week ago. Michigan (-11 cents) has the largest weekly decline in the country. Hawaii (+1/2 cent) is the only state with a weekly increase.

This week, there are three states with an average above $3 a gallon, down from five a week ago. For the 10th week in a row, there are no states with an average above $4 a gallon. California’s average had topped the $4 mark last fall.

The cheapest gas in the nation can be found in Missouri ($2.16) and Texas ($2.23). For the 49th week in a row, no states have an average below $2 a gallon.

Oregon is one of 29 states with lower prices now than a month ago. The national average is two cents less and the Oregon average is six cents less than a month ago. This is the 13th-largest monthly decrease in the nation. Idaho (-14 cents) has the largest month-over-month decline, Utah (-14 cents) is second, and Colorado (-13 cents) is third. Florida (+9 cents) has the largest monthly increase.

Drivers in all 50 states are paying more than a year ago. The national average is 30 cents more and the Oregon average is 16 cents more than a year ago. Ohio (+54 cents) has the biggest year-over-year increase.

Find out your area's citizen-reported lowest gas prices at KTVZ.COM's Pump Patrol page.

Article Topic Follows: Oregon-Northwest
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