Holiday shoppers may have a little more jingle in their pockets thanks to plunging pump prices.
All 50 states are seeing prices fall again this week with declines ranging from three to 21 cents. For the week, the national average for regular drops 13 cents to $3.12 a gallon. The Oregon average slides 16 cents to $3.82.
Oregon has the ninth-largest weekly drop and fifth-largest monthly drop for a state in the nation.
The national average is at its lowest price since July 2021 and the Oregon average is at its lowest price since last January. The national average is poised to drop below $3 a gallon by the end of the year.
The cost of crude oil has been hovering in the low-to-mid $70s per barrel, and that’s $50 less than the peak last June,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Combined with low seasonal demand, gas prices could slide a bit more before leveling off.”
Gas prices are similar to last year with the national and Oregon averages within about 20 cents per gallon of last year’s averages.
AAA projects a busy holiday season with 112.7 million Americans including 1.6 million Oregonians traveling for the holidays. 2022 is expected to be the third-busiest year for holiday travel since 2000, trailing only 2019 and 2019. Pump prices are lower this week in all 50 states and the District of Columbia. Nevada (-21 cents) has the largest weekly drop, followed by Indiana (-20 cents), and Arizona (-19 cents). Oregon (-16 cents) has the ninth-largest weekly drop. Hawaii (-3 cents) has the smallest weekly decline.
Hawaii ($5.11) is the state with the most expensive gas in the nation for the fourth week in a row and is the only state with an average at or above $5 a gallon. California ($4.36) is second and Nevada ($4.03) is third. These are the only three states with averages at or above $4 a gallon. This week 25 states and the District of Columbia have averages in the $3-range, and 22 states have averages below $3 a gallon.
The cheapest gas in the nation is in Texas ($2.61) and Oklahoma ($2.65). For the 101st week in a row, no state has an average below $2 a gallon.
The difference between the most expensive and least expensive states is $2.51 which continues to be stark.
All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 55 cents less and the Oregon average is 82 cents less than a month ago. Oregon has the fifth-largest monthly decrease in the nation. California (-91 cents) and Alaska (-90 cents) have the largest monthly declines. Hawaii (-8 cents) has the smallest.
Oregon is one of 11 states with higher prices now than a year ago. The national average is 19 cents less and the Oregon average is five cents more than a year ago. This is the sixth-largest year-over-year increase in the nation.
