Gas Prices at 2016 High Heading into Holiday

Pump prices are at their highest point for the year as we approach the Memorial Day holiday, but drivers will pay the lowest prices for the holiday since 2005.

For the week, the national average for regular unleaded jumps six cents to $2.29 a gallon. The Oregon average gains two cents to $2.46 a gallon, says AAA Oregon/Idaho Public Affairs Director Marie Dodds.

“AAA projects more than 38 million Americans will travel this Memorial Day weekend, up 1.9 percent compared to last year,” she said. “That is the second-highest Memorial Day travel volume on record and the most since 2005. In the Pacific Region, more than six million people are expected to travel, a 2.4 increase compared to 2015.

Nationwide, nearly 34 million (89 percent) holiday travelers will drive to their Memorial Day destinations, an increase of 2.1 percent over last year. In the Pacific Region, 5.3 million (85 percent) will travel by car, an increase of 2.6 percent compared to last year.

Drivers on the West Coast continue to pay the nation’s highest averages for gasoline, and the nation’s top five most expensive markets are all in this region: California, Hawaii, Washington, Alaska and Nevada. Oregon is sixth for the second week in a row. Gasoline inventories are posting a surplus in comparison to last year and gasoline production in the region is also on par with year-ago levels. As a result, drivers in the region are benefitting from some of the nation’s largest yearly savings in the price at the pump. California (-97 cents), Nevada (-82 cents), Alaska (-69 cents), Arizona (-63 cents), Hawaii (-63 cents) and Oregon (-58 cents) lead the nation and are posting the largest year-over-year discounts in the price of gas. The national average is 45 cents less than a year ago.