Crude oil prices have tumbled after news of the Omicron variant of the virus that causes COVID-19, and that’s expected to put some downward pressure on pump prices in the next couple weeks.
For now, prices are fairly stable in most states. For the week, the national average for regular slips a penny to $3.39 a gallon. The Oregon average adds a penny to $3.79.
“Drivers should get a little relief at the pumps but it’s too soon to say if lower crude oil prices will last,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “For now, fears of a global economic slowdown caused by the Omicron variant are pushing crude prices lower, which should translate into cheaper gas prices in the next couple weeks.”
California continues to set new record high prices for gasoline. The average on Nov. 27 was $4.713, which eclipsed new records set in the past couple weeks. Until this month, California’s previous record high price was $4.671 in October 2012. Severe rainstorms in Northern California impacted oil refineries in the area, leading to reduced production which has created supply issues.
All 50 states are seeing stable prices, changing by four cents or less week-over-week. Indiana (-4 cents) has the largest week-over-week decline in the nation. Arizona (+3 cents) has the largest weekly increase in the country.
California ($4.71) and Hawaii ($4.36) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon. All other states and the District of Columbia have averages above $3 a gallon except Oklahoma and Texas.
The cheapest gas in the nation is in Oklahoma ($2.96) and Texas ($2.98) and. For the 47th week in a row, no state has an average below $2 a gallon.
Oregon is one of 20 states with higher prices now than a month ago. The national average is one cent less and the Oregon average is one cent more than a month ago. Arizona (+26 cents) has the largest month-over-month increase. Missouri (-11 cents) has the largest monthly decrease in the country.
All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s a dollar or more higher than a year ago. The national average is $1.26 more and the Oregon average is $1.21 more than a year ago.
