Gas Prices Decline Following Holiday Weekend

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Pump prices continue to inch down despite strong demand. The vast majority of Memorial Day travelers found gas prices a little lower than they were in early May. For the week, the national average loses two cents to $2.83 a gallon while the Oregon average dips a penny to $3.42 a gallon.

“Gas prices are edging lower and that’s a trend drivers can expect to continue into early June. Stable crude oil prices are helping to put downward pressure on pump prices, despite tight domestic supplies and robust demand. Another bump in demand could push prices higher but only by a few cents,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Oregon is one of 43 states and the District of Columbia where prices are lower this week. Ohio (-7 cents) has the largest weekly decrease, while Wyoming (+3 cents) has the largest week-over-week increase. This week there are nine states with an average above $3 a gallon down from 10 a week ago.

Oregon is one of 12 states with higher prices now than a month ago. The national average is six cents less and the Oregon average is two cents more than a month ago. This is the ninth-largest monthly increase in the country. Utah (+23 cents) has the largest month-over-month jump, Idaho (+18 cents) is second and Alaska (+12 cents) is third. North Carolina (-14 cents) has the largest monthly decrease.

For the week, the national average for diesel slips half a cent to $3.09 a gallon. Oregon’s average adds half a cent to $3.31. A year ago the national average for diesel was $3.21 and the Oregon average was $3.42.

Source: AAA

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