Retail gas prices are sitting at their lowest prices for this time of year in more than a decade.
The national average for regular unleaded is at its lowest price for this date since 2004, while Oregon’s average is at its lowest mark for the date since 2005. For the week, the national average loses two cents to $2.20 a gallon. The Oregon average slips half a cent to $2.53.
“The Oregon average has barely moved from early June when it was $2.51 per gallon,” said AAA Oregon/Idaho Public Affairs Director Marie Dodds. “Barring unforeseen events, AAA expects pump prices to remain relatively steady or even move lower in some parts of the country over the next few weeks due to abundant fuel supplies and declining crude oil costsDemand for gasoline remains at record levels. The national average is about 56 cents less and the Oregon average is 61 cents less than a year ago, which is motivating millions of Americans to take long road trips this summer. In fact, Oregon has the fourth-largest year-over-year discount in the nation.”
Pump prices have once again dropped below $2 per gallon in many parts of the country, which is something that drivers have not seen during the summer in more than a decade. About 1 in 4 U.S. stations are selling gas for less than $2 per gallon today, and consumers can find at least one station selling gas for less than $2 per gallon in 36 states. Oregon does not yet have any stations selling gas for less than $2. Only 12 percent of U.S. stations are selling gas for more than $2.50 per gallon today.
Gas prices likely will remain relatively low compared to recent years for the remainder of the summer. U.S. crude oil supplies are about 13 percent higher than a year ago, while gasoline stocks have increased to 240 million barrels as refineries produce significant quantities of fuel. This is the highest ever mark for gasoline supplies during the month of July, according to Department of Energy records.
The West Coast continues to be the most expensive market for gasoline, including the only six states in the nation where drivers are paying more than $2.50 on average: California ($2.85), Hawaii ($2.82), Washington ($2.67), Alaska ($2.65), Nevada ($2.55) and Oregon ($2.53).
