COVID-19 Helps Offset Gas Price Spikes

gas pump pdx

gas pump pdx

Drivers in most states including Oregon are seeing pump prices remain steady or fall by a cent or two even in the wake of the latest hurricane to pummel the Gulf Coast. For the week, the national average remains at $2.18 a gallon. The Oregon average loses a penny to $2.60.

Hurricane Delta made landfall in southwestern Louisiana over the weekend. While the storm caused some disruptions, refineries report that operations are resuming. Most oil production in the Gulf of Mexico was shut down in the days leading up to and right after the storm.

“A record-breaking hurricane season like this one would normally cause pump prices to surge. But 2020 is not a typical year. Demand has been lower than normal most of the year, due to the coronavirus pandemic. This has helped contain any impact to gas prices locally and regionally throughout this hurricane season,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

U.S. gasoline demand is up slightly for the week at 8.8 million b/d. This is just six percent below last year’s level. The Energy Information Administration’s (EIA) weekly report measures gasoline supply at 226.7 million bbl. That is a decrease of 1.7 million bbl from the week prior, though the drop is likely attributed to high export numbers.

For the week, the national average ticks down half a cent to $2.38 a gallon. Oregon’s average remains at $2.58. A year ago the national average for diesel was $3.00 and the Oregon average was $3.20.

Source: AAA