Pump prices are at their seasonal lows as millions of Americans head out on holiday trips. Prices are down week-over-week in 48 states, including Oregon.
However, the national average has ticked up overnight, signaling that it could have bottomed out. The major drivers are higher crude oil prices and an increase in demand for gas. We may stay near these numbers until early 2024. For the week, the national average for regular loses six cents to $3.08 a gallon.
The Oregon average also drops six cents to $3.85.,
“Pump prices at seasonal lows are sleighing it at the pumps in time for holiday travel. This year is shaping up to the second-busiest ever for holiday travel and those driving will have some extra jingle in their pockets thanks to relatively low gas and diesel prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “However, higher crude oil prices and an increase in demand for gasoline could put some upward pressure on pump prices over the holidays.”
AAA projects 2023 to be the second-busiest for holiday travel since 2000 when AAA began tracking holiday travel, only behind 2019. AAA projects 115.2 million Americans (33.8% of the population) will travel 50 miles or more for the Christmas and New Year holidays. This is up 2.2% from 2022. About 1.63 million Oregonians will pack their sleighs for a holiday trip. Find all the details and tips for travelers in the AAA holiday travel news release.
The national average is at its lowest price since June 2021. The Oregon average is at its lowest price since last February. Prices may have bottomed out for the season and could remain near their current prices until early 2024. Pump prices often start to increase again in the first quarter.
Those driving to their holiday destinations will find gas prices similar to last Christmas, when the national average for regular gas was $3.10 and the Oregon average was $3.77.
Oregon is one of 47 states and the District of Columbia with lower prices now than a week ago. Michigan (-14 cents has the biggest weekly drop. Delaware (+2 cents) and Iowa (+1 cent) are the only states with week-over-week increases. The average in South Carolina is flat.
After 20 weeks, Hawaii ($4.69) bumps California ($4.60) as the state with the most expensive gas in the nation. Washington ($4.19) is third. These are the three states with averages at or above $4, compared to four states a week ago. This week 18 states and the District of Columbia have averages in the $3-range. Twenty-nine states have averages in the $2 range this week.
The cheapest gas in the nation is in Texas ($2.60) and Mississippi ($2.63). 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 $2.10 this week, same as a week ago.
Oregon is one of 49 states and the District of Columbia with lower prices now than a month ago. The national average is 23 cents less and the Oregon average is 27 cents less than a month ago. Indiana (-52 cents) has the largest monthly drop. Hawaii (-4 cents) has the smallest. Georgia (+16 cents) is the only states with a month-over-month increase.
Oregon is one of seven states with higher prices now than a year ago. The national average is six cents less and the Oregon average is half a cent more than a year ago. Utah (-58 cents) has the largest yearly decrease. Washington (+24 cents) has the largest yearly increase.
