Pump prices are falling heading into the holiday season as supply strengthens and demand for gasoline weakens. For the week, the national average for regular unleaded loses two cents to $2.46 a gallon while the Oregon average falls three cents to $2.80. The national average is at its lowest price since late October; the Oregon average is at its lowest price since early November.
“AAA expects demand for gas to weaken through the winter, which usually translates into cheaper prices at the pump, so gas prices should continue to trend lower between now and the end of the year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. Consumer gasoline demand is registering under 9 million b/d for the second consecutive week, while gasoline inventories increased by nearly 7 million bbl, according to the U.S. Energy Information Administration (EIA).
Oregon is one of 46 states and the District of Columbia where gas prices are lower week-over-week. The largest decrease is in Kentucky (-6 cents). Ohio (+5 cents), Michigan (+2 cents), Indiana (+2 cents) and Hawaii (+ fractions of a cent) are the only four states to see prices increase on the week.
Oregon is one of 47 states and the District of Columbia where gas prices have dropped in the last month. The national average is 10 cents less and the Oregon average is six cents less than a month ago. The largest monthly decreases are in Michigan (-24 cents) and Illinois (-24 cents). The only three states where prices climbed in the last month are Hawaii (+7 cents), Montana (+1 cent) and Alaska (+fractions of a cent).
The West Coast still has the most expensive gas prices in the nation with six of the top ten markets in this region. Hawaii has the most expensive gasoline in the country, followed by Alaska and California. These three states all have averages at or above $3 a gallon. Washington is fourth. Oregon is fifth most expensive for the 24th week in a row.
