Gas Prices Continue Decline

gas pump pdx

gas pump pdx

Falling demand for gasoline in the U.S. is one factor pushing pump prices lower, even as stocks decrease. Drivers in Oregon and all but a handful of states are seeing pump prices decline. For the week, the national average for regular loses two cents to $2.16 a gallon. The Oregon average also drops two cents to $2.59.

Gasoline demand, according to the U.S. Energy Information Administration (EIA), back tracked for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Lower demand has contributed to pump price decreases for the majority of the country. even as total domestic stocks decreased by 1.6 million bbl to 225.1 million bbl and imports fell to their lowest rate since Sept. 18.

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.

“The national and Oregon averages are at their lowest prices since June. AAA says pump prices should continue to tick down between now and the end of the year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. ” Demand for gasoline continues to lag behind year-ago levels due to the coronavirus pandemic. At this time last year, demand was at 9.4 million b/d compared to 8.58 million b/d this year.”

Source: AAA