Fuel Prices Continue Decline Despite Holiday Demand

Gasoline prices still inching downward. In Salem, prices went up by less than half a cent overnight, but don't expect big price jumps.

Salem-News.com

(PORTLAND, Ore.) - Although a record number of Americans are expected to hit the roads during the Fourth of July, gasoline prices should continue their slow decline.

In the past week, the national average price for a gallon of regular dropped another two cents to $2.95. AAA's Elliot Eki, says that in Oregon, the average price moved down by more than four-cents to $3.03.

In the Salem and Eugene-Springfield metropolitan areas, average prices nudged upward ever-so-slightly overnight, but they're not likely to rise substantially.

Salem’s current average is $2.98 and Eugene-Springfield drivers are paying $2.99. Portland prices are better, with an average if $2.97 for a gallon of regular. Medford-Ashland motorists are paying substantially higher with $3.10 as their average price.

Vancouver, Washington drivers are paying $3.04.

"As long as refinery output outpaces demand and inventories are able to build, we should see prices continue to fall," said AAA Oregon Public Affairs Director Elliott Eki. "Even with the heavy holiday travel, fuel prices should remain fairly level; once the holiday passes, prices should resume their downward trend."

Midwesterners, on the other hand, should expect to see their fuel prices advance. Recent flooding in Kansas knocked out a 108,000 barrel per day Coffeyville refinery, which distributes supplies throughout the state and to Oklahoma, Nebraska, the Dakotas and Minnesota.

At $3.03, Oregon's average gasoline price now ranks 21st highest in the nation. Hawaii tops the list at $3.32, and South Carolina has the lowest statewide average price at $2.76.

California's statewide average price is down four cents to $3.15, and Washington's is down to $3.08. In Idaho and Nevada, a gallon of regular averages $3.11.

The national average diesel price held at $2.91 per gallon. In California, diesel averages $3.19 per gallon; in Washington it's $3.01; in Idaho, it's up three cents to $2.97 and in Nevada it's down to $3.05.

Oregon's average diesel price held steady at $2.88.

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Demand continues to rise yet prices fall. Can you say price fixing? Can you say absolute proof that the high prices are nothing but gouging by Big Oil protected by their favorite sons Shrub and Cheney? The argument of supply and demand defending high gas prices has been completely discredited.

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