Pump prices continue their downward slide with decreases in all 50 states. For the week, the national average for regular unleaded drops 13 cents to $2.11 a gallon. The Oregon average tumbles 11 cents to $2.80.
In Hermiston, the average price for a gallon of unleaded gas is around $2.69.
The national average is at its lowest price since April 2016. The Oregon average is at its lowest price since last March.
Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22 a barrel – a low not seen since 2002. Crude oil accounts for nearly 60 percent of the retail pump price. When crude is cheap, gas prices follow suit.
“Normally pump prices start to move up this time of year as we see more driving due to nicer weather and spring break,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “That’s obviously not the case this year due to the coronavirus outbreak. Americans are staying home and practicing social distancing. A growing number of states including Oregon are issuing stay at home orders. This is leading to less traffic which will drive down demand, increase gasoline supplies and push pump prices lower for the foreseeable future.”.
Oregon is one of all 50 states and the District of Columbia where pump prices are lower this week. Oregon is one of 39 states and the District of Columbia with double-digit drops. Wisconsin (-24 cents) has the largest weekly drop while Utah (-6 cents) has the smallest.
This week there are two states with an average at or above $3 a gallon, down from three states a week ago.
The cheapest gas in the nation can be found in Oklahoma ($1.70) and Ohio ($1.77). This is the second week in a row that one or more states has an average below $2 a gallon.
Oregon is one of all 50 states and the District of Columbia with lower prices now than a month ago. The national average is 20 cents less and the Oregon average is 18 cents less than a month ago. Ohio (-65 cents) has the largest month-over-month decline.