Demand for gasoline is at its highest level for October in a decade. The U.S. energy Information Administration reports that the latest gasoline demand measurement is the highest for the end of October since 2006 and that’s putting upward pressure on prices.
For the week, the national average for regular unleaded surges seven cents to $2.54 a gallon while the Oregon average jumps six cents to $2.81.
“Demand for gas has been strong for October, due in part to nice weather in many parts of the country. We didn’t see gasoline consumption drop like we usually do in the fall when the summer driving season comes to an end,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The robust demand has led to tightened supply levels and gas price hikes. However, AAA doesn’t expect this to be a long-term trend. Gas prices are expected to fall as we approach the holidays.”
Oregon is one of 47 states and Washington D.C. where gas prices are higher week-over-week. Prices are less in two states (Utah and Idaho) and holding steady in one state, Georgia. The largest increases are in Ohio (+19) and Illinois (+19 cents). Utah has a decrease of 3 cents and Idaho’s average is down one cent.
Oregon is one of 28 states where gas prices have risen in the last month. The largest monthly increases are in Indiana (+36 cents) and Ohio (+33 cents). The national average is three cents more and the Oregon average is a penny more than a month ago. The largest monthly decreases are in Georgia (-18 cents) and Alabama (-12 cents).
The West Coast still has the most expensive gas prices in the nation with six of the top ten markets in this region. California bumps Hawaii out of the top spot this week; Hawaii moves to second followed by Alaska. These states remain the only three with averages at or above $3 a gallon. California shows the largest increase for the week in this region with a jump of 18 cents. Washington and Oregon round out the top five. Oregon is fifth most expensive for the 19th week in a row.