Retail gas prices are holding fairly steady. For the week, the national average remains at $2.27 a gallon, while Oregon’s average ticks up a penny to $2.53.
“Pump prices have been pressured higher by OPEC’s production cuts, but gains have been tempered by increased U.S. production and lackluster demand,” said AAA Oregon/Idaho Public Affairs Director Marie Dodds. “AAA expects prices to climb as demand grows and refinery maintenance shifts into high gear.”
The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand show that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012. The decrease is due to severe winter weather in many parts of the country and average gas prices that are about 44 to 55 cents a gallon more than a year ago. Low prices do influence driver behavior.
Oregon is one of 13 states to see prices rise week-over-week. The largest weekly increases are in Michigan (+4 cents) and Hawaii (+8) and California (+3 cents).
Gas prices on the West Coast continue to be the highest in the country, with six states in the region landing on the top ten list of most expensive markets. Hawaii is most expensive at $3.11 and remains the only state with an average above $3 a gallon. California, Alaska, Washington and Pennsylvania round out the top five most expensive states. Oregon is seventh for the fifth week in a row.
