Pump prices continue to edge lower across the country. Only 11 states, including Oregon, still have averages of $2 a gallon or more. For the week, the national average for regular unleaded loses four cents to $1.77 a gallon. The Oregon average falls six cents to $2.41. This is tied for the fifth-largest weekly drop in the nation.
The national average is at its lowest price since March 2016 and the Oregon average is at its lowest price since December 2016.
“AAA expects pump prices to continue to decrease into next month with the national average possibly dropping as low as $1.65 and the Oregon average falling to $2.30,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
Some states could see minimal fluctuation at the pump in coming weeks if demand jumps as business are given the green light to re-open. However, this will not have a large impact for the majority of the nation’s drivers.
Crude oil prices plunged into negative territory last week for the first time ever but made significant gains to end the week in the positive. Meanwhile, demand for gasoline is up slightly but still down about 40 percent compared to last year. The U.S. Energy Information Administration (EIA) reports demand at 5.3 million b/d, up from 5.1 b/d the previous week. This compares to last April’s 9.45 million b/d average. Low demand pushed gasoline stocks to increase for yet another week, this time by 1 million bbl to put total U.S. stock levels at 263 million bbl.
For the week, the national average falls four cents to $2.45 a gallon. Oregon’s average loses five cents to $2.62. A year ago the national average for diesel was $3.10 and the Oregon average was $3.29.