Gas Prices Continue Slow Decline

Retail gas prices continue to slowly and steadily decline as the summer driving season comes to an end. For the week, the national average for regular falls a penny to $2.56 a gallon. The Oregon average slips half a cent to $3.04.

“Demand for gasoline and gasoline stocks usually drop in early September as refineries undergo maintenance and get ready for the switchover to winter-blend gasoline. This usually translates into cheaper pump prices which normally last through the end of the year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Currently all state averages are about 20 to 53 cents cheaper than a year ago.”

The latest report from the U.S. Energy Information Administration (EIA) shows that U.S. gasoline demand saw a steady decline from 9.9 million b/d to 9.4 million b/d, a reading typical for this time of year. In addition to the drop in demand, EIA data also shows that domestic gasoline stocks fell by 2 million bbl, which is mostly attributed to exports.

Oregon is one of 35 states and the District of Columbia where prices are lower now than a week ago. Ohio (-8 cents) has the largest weekly drop. Indiana (+7 cents) has the largest weekly increase. This week there are five states with an average above $3 a gallon, same as a week ago.

Oregon is one of 48 states and the District of Columbia with lower prices now than a month ago. The national average is 10 cents less and the Oregon average is six cents less than a month ago. This is the 41st-largest monthly decline in the nation. The District of Columbia (-19 cents) has the largest month-over-month decline. Arizona (+5 cents) and Hawaii (+1/2 cent) are the only states with monthly increases.

Drivers in 49 states and the District of Columbia are paying less than a year ago. The national average is 28 cents less and the Oregon average is 22 cents less than a year ago. Delaware (-53 cents) has the largest year-over-year drop.

Source: AAA


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