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Feb-26-2008 12:55TweetFollow @OregonNews
Pain at the Pumps as Oregon Gas Prices SpikeSalem-News.com
The price of gas in Oregon skyrockets another 16 cents this week, on top of an 11-cent increase the week before. And the national average soars 11 cents this week after a 7-cent increase the week before. But inventories of oil and gas are high. What happened to the laws of supply and demand?
(PORTLAND, Ore.) - "The price of gas continues the upward trajectory that started two weeks ago." AAA Oregon Public Affairs Director Marie Dodds says, "The Oregon average rockets up 16 cents this week to $3.25, while the national average jumps up 11 cents to $3.14. The price of crude hit $101 per barrel again today, after reaching that record high for the first time last week."
Salem drivers are seeing an average cost of $3.204 per gallon, while Portland motorists see an average price of $3.235 for regular. Drivers in Eugene/Springfield are paying $3.287 at the pump, and the Medford/Ashland region is seeing an average cost of $3.317. Self serve regular is going for $3.293 as an average price in Vancouver, Washington. Gasoline prices and the price of other essential commodities are rising in the face of a slow economy and uncertainty about how much energy consumption will occur in the short-term. This trend suggests prices are being driven higher by expectations of the continuing weakness of the dollar and higher inflation in the months ahead, and not simply by short-term supply and demand. In fact, inventories of oil and gas are still quite high. Some high-profile analysts suggest that gas prices may have been driven too high and that a correction may occur in the coming weeks. Keep in mind every other such prediction this decade hasn't materialized. Gas prices continue to be much higher than they were a year ago. The national average is about 79 cents higher than it was last year at this time, while Oregon's current average is 74 cents higher. Gas prices are up in all of Oregon's measured metropolitan areas and in Vancouver, WA. In Portland, Salem, Medford/Ashland and Vancouver, prices are up 17 cents this week, and in Eugene/Springfield, prices are up 15 cents.
Oregon's gas prices are now sixth highest in the nation, up from 12th last week and 24th the week before. Hawaii continues to have the most expensive gas in the country at $3.53 per gallon, followed by California at $3.37, Washington at $3.33, New York at $3.31 and Connecticut at $3.28. New Jersey has the least expensive gas in the country again this week at $2.96 per gallon. At this time, only three states have average prices below $3 per gallon, compared with 22 states last week. The national average for diesel is up 15 cents this week to $3.60 per gallon, compared to $2.62 a year ago. Oregon's average is up 16 cents to $3.57, compared to $2.69 a year ago. Hawaii again has the highest statewide average price for diesel at $3.88.
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