Gas Prices On The Decline

Retail gas prices are falling in all 50 states. For the week, the national average for regular unleaded slides six cents to $2.49 a gallon while the Oregon average drops three cents to $2.79. Prices nationally and in Oregon are showing double-digit drops from the year-to-date highs reached in September.

“Gas prices are expected to soon return to pre-hurricane rates. Pump prices have been steadily falling for the past month and now we’re seeing demand for gasoline drop as well. Demand is at the lowest point since the week Hurricane Harvey hit, which likely signals the start of a downward trend in demand and should lead to even lower pump prices in the coming weeks,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

The latest report from the Energy Information Administration (EIA) shows gasoline demand at 9.2 million b/d, down 281,000 b/d from the week prior. Hurricane Nate, which made landfall over the Gulf Coast before turning into a tropical depression, did not have a major impact on gas prices. Before the storm, many Gulf Coast oil platforms and rigs were shut down and employees evacuated, and two refineries were shut down. But early reports suggest little or no damage and operations were resuming this week.

Pump prices are lower in all 50 states and the District of Columbia week-over-week. The largest declines are in Georgia (-10 cents) and Michigan (-9 cents).

Oregon is one of 47 states and the District of Columbia where gas prices have fallen in the last month. The largest monthly decreases are in Delaware (-40 cents) and Kentucky (-32 cents).  The national average is 19 cents less and the Oregon average is 13 cents less than a month ago. The only three states to see prices rise in the past month are Alaska (+4 cents), Hawaii (+1 cent) and Montana (+2/10 of a cent).

The West Coast still has the most expensive gas prices in the nation. Hawaii tops the list followed by California and Alaska. These three states all have averages at or above $3 a gallon. Washington and Oregon round out the top five. Oregon is fifth most expensive for the 15th week in a row.


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