Rising Crude Prices Putting Brakes on Savings at the Gasoline Pumps

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Gas prices continue to climb due to higher crude oil prices, despite a drop in U.S. demand and an increase in supplies. For the week, the national average for regular rises two cents to $2.42 a gallon. The Oregon average also gains two cents to $2.70.

For the last 337 days, the national gas price average has been cheaper year-over-year—as much as $1.12 a gallon less. However, AAA predicts that trend will end as early as this week. Currently, the national average is just a nickel less than a year ago. That gap is much larger in Oregon as the current average is 27 cents less than one year ago.

“For nearly a year, drivers have been saving 53 cents a gallon, on average, when filling up their gas tanks. That extra pocket change is quickly going away due to rising crude oil prices that have made for more expensive pump prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Oregon is one of 46 states with higher prices now than a week ago. Indiana (+9 cents) has the largest weekly increase. Delaware (-1 cent) has the largest weekly decrease.

For the 34th week in a row, California ($3.42) and Hawaii ($3.33) are the only two states in the nation with an average at or above $3 a gallon.

The cheapest gas in the nation can be found in Mississippi ($2.11) and Missouri ($2.13). For the fourth week in a row, no state has an average below $2 a gallon.

Oregon is one of 39 states and the District of Columbia with lower prices now than a year ago. The national average is five cents less and the Oregon average is 27 cents less than a year ago.

The West Coast region continues to have the most expensive pump prices in the nation with every state in the region except Arizona in the top 10.