Gasoline Prices Inching Downward

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The national average for regular unleaded gasoline dropped six cents to $2.64 last week, while Oregon’s average lost two cents to $3.10,” according to AAA Oregon/Idaho.

AAA Oregon/Idaho Public Affairs Director Marie Dodds said the national average peaked at $2.80 on June 15. The Oregon average peaked at $3.15 on July 15. Barring any unexpected spikes in the price of global crude oil or unexpected disruptions to domestic production, AAA expects the national average to keep moving lower leading up to the Labor Day holiday.

Dodds said the resolution of local refinery issues and lower crude oil prices have pushed the price of gas down.

Volatility continues to characterize several regional markets due to unexpected drawdowns in supply. Pump prices west of the Rockies remain the most expensive in the nation and all seven states with averages above $3 per gallon are located in this region. Drivers in California are paying the nation’s highest averages for retail gasoline, followed by Alaska, Hawaii, Nevada and Washington as top five most expensive markets. Oregon is sixth for the eighth week in a row. Although prices on the West Coast appear to be easing, retail averages remain volatile based on shifts in supply and demand. South Carolina and Alabama are the nation’s least expensive markets; the current average in both states is $2.26.