Gas prices are declining again after some small upticks before Thanksgiving.
The national average for regular gas is at its lowest price since May 2021, closing in on $3 a gallon. The Oregon average is just a penny away from its low price of 2024. For the week, the national average for regular loses three cents to $3.04 a gallon.
The Oregon average slips two cents to $3.54 a gallon.
“About half of all states, including Oregon, saw gas prices inch up in the days before Thanksgiving. But now pump prices have resumed their declines. Pump prices may tick down a bit more in time for holiday travel, barring any disruptions in supplies,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
The Oregon average began 2024 at $3.79 a gallon compared to $3.54 today. The lowest price so far in 2024 is $3.53 on November 19 and the highest is nearly $4.51 on May 1. The national average started the year at $3.11 and is at $3.04 today. This is the lowest price so far this year, and the highest is just under $3.68 on April 19.
This week, one Oregon county has an average above $4 a gallon – Wheeler ($4.05).
Gas prices typically drop in the fall, due to the switch from summer-blend to winter-blend fuel, which costs less to produce. The switch starts in September. Many areas, including Oregon, can sell winter-blend fuel starting September 15. However, Northern and Southern California require summer-blend fuel through October 31. Prices usually decline to their lowest levels of the year in late fall and early winter before increasing again in the late winter and early spring.
Oregon is one of 46 states with lower prices now than a week ago. Colorado (-8 cents) has the biggest week-over-week drop. Ohio (+2 cents) has the largest week-over-week increase in the nation.
Hawaii ($4.57) has the most expensive gas in the nation for the fifth week in a row. California ($4.41) is second. These are the only two states in the country with averages still at or above $4 a gallon. Washington ($3.999) has been hovering around the $4 mark and dipped slightly below that threshold overnight. This week 17 states and the District of Columbia have averages in the $3-range. There are 31 states with an average in the $2 range this week.
The cheapest gas in the nation is in Oklahoma ($2.50) and Texas ($2.58). No state has had an average below $2 a gallon since January 7, 2021, when Mississippi and Texas were below that threshold. At the time, the COVID-19 pandemic drove significant declines in crude oil and gasoline demand in the U.S. and around the world.
The difference between the most expensive and least expensive states is $2.07 this week, compared to $2.05 a week ago.
Oregon is one of 45 states and the District of Columbia with lower prices now than a month ago. The national average is six cents less and the Oregon average is seven cents less than a month ago. Utah (-29 cents) has the largest month-over-month drop in the nation. New Jersey (+5 cents) has the largest month-over-month increase.
Oregon is one of 49 states and the District of Columbia with lower prices now than a year ago. The national average is 21 cents less and the Oregon average is 46 cents less than a year ago. This is the third-largest year-over-year drop in the nation. Idaho (-50 cents) and Alaska (-46 cents) have the largest year-over-year declines. Ohio (+3 cents) is the only state with a year-over-year increase.
