Gas prices are down for the fifth week in a row, with declines driven by lower crude oil prices and shrinking demand for gasoline in the U.S. Pump prices are down in all 50 states and most are seeing double-digit decreases.
For the week, the national average for regular drops 16 cents to $4.50 a gallon. The Oregon average falls 12 cents to $5.27.
“Lower crude oil prices are a major driver of falling pump prices. Crude oil reached a recent high of $122.11 per barrel on June 8, then fell below $100 per barrel last week,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Another factor putting downward pressure on pump prices is lower domestic demand for gas, despite being in the heart of the summer driving season.”
All 50 states and the District of Columbia have lower prices now than a week ago, and 45 states and D.C. have double-digit declines. Ohio (-21 cents) has the largest weekly drop. Hawaii (-2 cents) has the smallest.
California ($5.87) is the most expensive state but this week the California average has dropped below $6 a gallon for the first time since May 17. California is the only state to ever have an average above $6 a gallon. There are eight states, including Oregon, with averages at or above $5, down from nine states a week ago. This week one state, South Carolina ($3.99) has an average below $4 a gallon.
All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s at least $1.04 a gallon higher than a year ago. The national average is $1.33 more and the Oregon average is $1.57 more than a year ago. This is the 6th-largest yearly increase in the nation. Alaska (+$1.68) has the biggest yearly increase. Georgia (+$1.04) has the smallest year-over-year increase.
