A drop in demand and increase in gasoline stocks are sending pump prices lower in time for the busy holiday travel season.
For the week, the national average for regular dips two cents to $2.55 a gallon. The Oregon average drops five cents to $3.07. This is the seventh-largest weekly decline in the nation. Oregon also has the third-largest monthly decline in the nation with a drop of 20 cents.
The latest Energy Information Administration (EIA) reports show gasoline demand at its lowest rate since mid-February and the highest stock levels since this summer. “As the weather turns colder, people tend to drive less and demand for gas also drops,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “We will likely see a spike in demand due to holiday travel, but not enough to dramatically increase pump prices.”
Oregon is one of 47 states and the District of Columbia where gas prices are lower now than a week ago; As mentioned above, Oregon (-5 cents) has the seventh-largest weekly decline in the country. Idaho (-9 cents) has the largest week-over-week decline, Michigan (-8 cents) is second, Nevada (-8 cents) is third, and California (-7 cents) is fourth. Ohio (+4 cents) has the biggest weekly jump.
Oregon is one of 43 states with lower prices now than a month ago. The national average is five cents less and the Oregon average is 20 cents less than a month ago. This is the third-largest monthly decrease in the nation.
