Oregon gas prices falling amid global oil demand slump

LOS ANGELES (KTVZ) -- Oregon gas prices have fallen 6.1 cents per gallon in the past week, averaging $2.84/gallon Monday, according to GasBuddy's daily survey of 1,307 stations. Gas prices in Oregon are 7.4 cents per gallon lower than a month ago and stand 7.7 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Oregon is priced at $2.39/g Monday while the most expensive is $3.59/g, a difference of $1.20/g. The lowest price in the state Monday is $2.39/g while the highest is $3.59/g, a difference of $1.20/g. The cheapest price in the entire country Monday stands at $0.57/g while the most expensive is $4.99/g, a difference of $4.42/g.

The national average price of gasoline has fallen 14.3 cents per gallon in the last week, averaging $2.22/g today. The national average is down 21.2 cents per gallon from a month ago and stands 32.9 cents per gallon lower than a year ago.

Historical gasoline prices in Oregon and the national average going back ten years:
March 16, 2019: $2.76/g (U.S. Average: $2.54/g)
March 16, 2018: $2.89/g (U.S. Average: $2.53/g)
March 16, 2017: $2.67/g (U.S. Average: $2.29/g)
March 16, 2016: $2.10/g (U.S. Average: $1.96/g)
March 16, 2015: $2.86/g (U.S. Average: $2.42/g)
March 16, 2014: $3.56/g (U.S. Average: $3.52/g)
March 16, 2013: $3.78/g (U.S. Average: $3.69/g)
March 16, 2012: $3.99/g (U.S. Average: $3.83/g)
March 16, 2011: $3.66/g (U.S. Average: $3.55/g)
March 16, 2010: $2.88/g (U.S. Average: $2.77/g)

Neighboring areas and their current gas prices:
Eugene- $2.87/g, down 6.1 cents per gallon from last week's $2.93/g.
Salem- $2.76/g, down 5.3 cents per gallon from last week's $2.81/g.
Portland- $3.03/g, down 4.7 cents per gallon from last week's $3.07/g.

"It's coming true - gas prices are plummeting in every town, city and state, with the national average seeing one of its biggest weekly declines in the last decade," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"The number of stations selling gasoline under $2/gal has risen to nearly 40,000, up from 15,000 a week ago, while retail prices have collapsed to as low as $1.24/gallon in Oklahoma City last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost.

The root cause continues to be coronavirus-related, since demand for oil slumped globally, inducing the current price war between Russia and Saudi Arabia as they both raise output, causing oil prices to crash through the floor. Such a large decline at this time of year is mind-blowing, as gas prices have risen in all but one year in the last 10 during the spring.

"All good things may not last forever, however, as rumors swirl that Russia and Saudi Arabia are holding high level talks to rein in the collapse in oil prices, which could eventually end the party at the pump," DeHaan said.

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA's once daily survey covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas stations, GasBuddy's survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible on KTVZ at https://ktvz.com/life/pump-patrol/ .