Lower crude oil prices are putting downward pressure on gas prices.
The national average has fallen to its lowest price since February, while the Oregon average has dropped to its lowest price since May and 12 Oregon counties have averages below $4 a gallon. For the week, the national average for regular loses six cents to $3.35 a gallon. The Oregon average falls seven cents to $4.19.
Thanksgiving travelers should continue to enjoy falling gas prices. AAA projects 55.4 million Americans (16.5%of the population) will travel 50 miles or more from home for the Thanksgiving holiday, up 2.3% from 2022. This year is expected to be the third-busiest for Thanksgiving travel since AAA started tracking in 2000, only behind 2005 and 2019. About 785,000 Oregonians will head over the river and through the woods for turkey and all the trimmings. Most will drive to their Thanksgiving destinations. Find all the details in the AAA Thanksgiving travel news release.
The national average for regular has been steadily falling since reaching its year-to-date high of $3.88 on September 18. The Oregon average has been moving lower since reaching its year-to-date high of $4.77 on August 30.
Twelve Oregon counties have averages below $4 a gallon:
- Benton $3.86
- Gilliam $3.99
- Hood River $3.94
- Jefferson $3.85
- Lane $3.93
- Lincoln $3.72
- Linn $3.90
- Marion $3.93
- Morrow $3.90
- Polk $3.98
- Umatilla $3.91
- Wasco $3.99
“Crude oil prices had been parked above $80 a barrel for several weeks, but are now hovering in the mid-$70s. Since crude oil is the main ingredient in gasoline, cheaper crude prices usually lead to falling gas prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Global events still have the potential to send oil prices higher but for now, gas prices are declining as they usually do during the fall months.”
Oregon is one of 47 states and the District of Columbia with lower prices now than a week ago. Montana (-15 cents has the biggest weekly drop. South Carolina (-1 cent) has the smallest weekly decline. Indiana (+11 cents) has the largest week-over-week increase.
California ($5.06) has the most expensive gas in the nation for the 16th week in a row and is the only state with an average at or above $5 a gallon. Hawaii ($4.74) is second, Washington ($4.50) is third, Nevada ($4.38) is fourth, Oregon ($4.19) is fifth, and Alaska ($4.08) is sixth. These are the six states with averages at or above $4, same as last week. This week 32 states and the District of Columbia have averages in the $3-range. Twelve states have averages in the $2 range this week.
The cheapest gas in the nation is in Texas ($2.79) and Mississippi ($2.84). 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 $2.27 this week, same as a week ago.
Oregon is one of 48 states and the District of Columbia have lower prices now than a month ago. The national average is 26 cents less and the Oregon average is 36 cents less than a month ago. Oregon has the 11th-largest monthly drop for a state in the nation. Arizona (-60 cents) has the largest monthly drop. Ohio (+3 cents) and Indiana (+3/10ths of a cent) are the only states with month-over-month increases.
All 50 states and the District of Columbia have lower prices now than a year ago. The national average is 42 cents less and the Oregon average is 60 cents less than a year ago. This is the eighth-largest yearly drop in the nation. Delaware (-83 cents) has the largest yearly decrease. Colorado (-19 cents has the smallest yearly decline.