It’s a merry forecast for holiday pump prices as millions of Americans hit the road for Christmas and New Year’s Day. Prices are lower in all 50 states this week.
The national average for regular drops four cents to $2.37, the lowest price of the year so far and the cheapest price since August 2017. The Oregon average falls six cents to $3.01, the lowest price since last March.
Many Oregon markets have averages below $3 a gallon, including Hermiston where the average price of a gallon of gas has fallen below $2.90, and Pendleton where a gallon of gas is about $2.96
With gasoline production on the high side amid low demand, drivers can expect gas prices to keep falling through the end of the year.
That’s welcome news for the record number of holiday travelers this year. AAA projects more than 112.5 million Americans (33 percent of the population) will travel for the Christmas and New Year holidays. This is the most on record and a 4.4 percent increase compared to last year. In Oregon, roughly 1.37 million will travel.
“About 91 percent of holiday travelers plan to drive to their destinations with cheaper pump prices fueling their decision to hit the road,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
All 50 states and the District of Columbia are reporting lower gas prices week-over-week. Idaho (-10 cents) has the largest drop, while Delaware (-1/2 cent) has the smallest.
All 50 states and the District of Columbia are showing double-digit drops in the last month. The national average is 26 cents less and the Oregon average is 21 cents less than a month ago. Arkansas (-35 cents) has the largest monthly decrease. Delaware (-12 cents) has the smallest monthly decrease.
The West Coast continues to have the most expensive gas prices in the nation. Hawaii tops the list for the 28th week in a row with California, Washington, Alaska, Nevada, and Oregon rounding out the top six. Oregon is sixth most expensive for the fifth week in a row. On the week, Hawaii (-9 cents) has the largest drop in the region.
