Lackluster demand for gas and lower crude oil prices have eased recent price hikes at the pumps.
While the East Coast is seeing prices rise due to the switch to summer-blend fuel in that region, gas prices in half of all states, including Oregon, are declining.
For the week, the national average for regular ticks up two cents to $3.67. The Oregon average slips a penny to $4.43 a gallon.
“Conflicts in the Middle East as well as the war between Russia and Ukraine continue to keep oil markets on edge. But this is also the time of year that we wrap up the transition to summer-blend fuel and we also tend to see a lull in gasoline demand between spring break and Memorial Day. This means pump prices will likely waffle a bit over the next couple of weeks with smaller increases and even some price dips,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The national average may continue to edge higher as the East Coast finishes making the switch to summer-blend fuel.”
The national and Oregon averages are at their highest prices since October. This week no Oregon counties have averages below $4 a gallon.
The Oregon average began 2024 at $3.79 a gallon compared to $4.43 today. Its lowest price so far this year is $3.58 on February 14. The national average started the year at $3.11 and is at $3.67 today. Its lowest price so far this year is just under $3.07 on January 15.
Gas prices always rise starting in late winter through early spring as refineries undergo maintenance as the switch to summer-blend fuel occurs. The switch occurs first in California, which is why pump prices on the West Coast often rise before other parts of the country. The East Coast is switching now and is the last major market to make the change to summer-blend fuel. Most areas have a May 1 compliance date for refiners and terminals, while most gas stations have a June 1 deadline to switch to selling summer-blend until June 1. Switch-over dates are earlier in California with some areas in the state requiring summer-blend fuel by April 1. Some refineries will begin maintenance and the switchover as early as February.
regon is one of 25 states and the District of Columbia with lower prices now than a week ago. New Jersey (+22 cents) has the largest week-over-week gain in the nation. Michigan (-11 cents) has the biggest weekly decline. The average in Alaska is flat.
California ($5.42) has the most expensive gas in the nation for the eighth week in a row and is the only state in the nation with an average at or above $5 per gallon. Hawaii ($4.80) is second, Washington ($4.66) is third, Nevada ($4.62) is fourth, Oregon ($4.43) is fifth, Alaska ($4.37) is sixth, and Arizona ($4.11) is seventh. These are the seven states with averages at or above $4, same as a week ago. This week 43 states and the District of Columbia have averages in the $3-range. No states have averages in the $2 range this week.
The cheapest gas in the nation is in Mississippi ($3.10) and Colorado ($3.15) and. No state has had an average below $2 a gallon since January 7, 2021, when Mississippi and Texas were below that threshold.
The difference between the most expensive and least expensive states is $2.33 this week, compared to $2.40 a week ago.
Oregon is one of 42 states and the District of Columbia with higher prices now than a month ago. The national average is 13 cents more and the Oregon average is 25 cents more than a month ago. Oregon has the 15th-largest monthly gain in the nation. California (+44 cents) has the largest monthly jump. Iowa (-6 cents) has the biggest monthly decline.
Oregon is one of 25 states and the District of Columbia with higher prices now than a year ago. The national average is the same as a year ago and the Oregon average is 34 cents more than a year ago. This is the fourth-largest yearly gain in the nation. California (+53 cents) has the largest year-over-year increase. Arizona (-58 cents) has the largest yearly decrease.
