Pump prices in Oregon and nearly every other state are cheaper than a week ago, month ago and year ago. For the week, the national average drops seven cents to $2.73 a gallon.
The Oregon average also falls seven cents to $3.33 a gallon. Both averages are at two-month lows.
Hermiston has some of the cheapest gas in the state with an average of $3.19 per gallon, where it has been for several weeks.
“Lower crude oil prices are putting downward pressure on pump prices. At the same time, supply in the U.S. is keeping pace with demand,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Refinery utilization in the U.S. is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet strong summer demand.”
For the last three weeks demand has remained relatively robust at 9.4 million b/d. Meanwhile, gasoline stocks have increased weekly with total inventories at nearly 4 million bbl ahead of the five-year average, according to U.S. Energy Information Administration (EIA) data.
Prices are lower week-over-week in all 50 states and the District of Columbia. Ohio (-22 cents) and Indiana (-17 cents) have the largest weekly decreases. This week there are nine states with an average above $3 a gallon, same as a week ago.
Oregon is one of 47 states and D.C. with lower prices now than a month ago. The national average is 13 cents less and the Oregon average is 11 cents less than a month ago. California (-21 cents) has the largest month-over-month decline. Wyoming (+8 cents) has the largest monthly gain.
The West Coast continues to have the highest pump prices in the nation with all of the region’s states landing on the top 10 most expensive list.