Gas Prices Holding Steady for July 4th Weekend

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Despite climbing gas prices over the last several months, drivers will enjoy the lowest gas prices in at least five years for the Fourth of July holiday.

For the week, the national average for regular unleaded slips two cents to $2.77 while Oregon’s average climbs half a cent to $3.15,” said AAA Oregon/Idaho Public Affairs Director Marie Dodds.

“Both averages are at or near their year-to-date highs,” Dodds said. “The national average peaked at $2.80 on June 15. The Oregon average remains at its year-to-date high. Pump prices often fall leading up to the Independence Day holiday. However, a seasonal decline in the national average this year has been offset by supply shortages due to localized refinery issues and global crude prices that have recovered from multi-year lows this spring.”

Drivers in the Pacific Northwest are paying some of the nation’s highest prices for retail gasoline. After 17 consecutive weeks, Alaska unseats California as the nation’s most expensive market for retail gasoline and is followed by regional neighbors Hawaii, Washington and Nevada as the five most expensive markets. Oregon is sixth for the third week in a row. A total of seven states are registering averages above $3 per gallon. Consumers in South Carolina ($2.44) are paying the lowest averages at the pump and saving more than $1 per gallon compared to Alaska.

Despite the recent increases, consumers continue to enjoy significant year-over-year savings with the national average 91 cents less and Oregon’s average 84 cents per gallon less than a year ago. U.S. drivers this summer are still expected to pay the lowest gas prices since at least 2010.