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Jun-12-2014 05:15printcomments

Expect to Pay More at The Pump This Summer in Oregon

Hawaii, California and Alaska remain the only states where regular unleaded is at or above $4 a gallon.

Oregon is one of 21 states where prices are higher than they were a month ago. Photo:

(SALEM, Ore. ) - Retail gas prices often edge down during the month of June, but so far this year, prices are remaining elevated.

The national average for regular unleaded loses two cents this week to $3.65 a gallon, while Oregon’s average remains at $3.90 a gallon which is just fractions of a penny less than Oregon’s year-to-date high of $3.907 a gallon set on June 8.

AAA Oregon/Idaho Public Affairs Director Marie Dodds says, “For the past three years, the national average has steadily declined to start the summer driving season. One year ago, the national average was beginning to trend downward toward its summer low of $3.47 reached on July 7, 2013. It is too soon to say to what extent this pattern will continue for a fourth year.”

Hawaii, California and Alaska remain the only states where regular unleaded is at or above $4 a gallon. Hawaii is the only state within 25 cents of the state’s record price per gallon ($4.61 on April 11, 2012).

California, Washington and Oregon all remain in the top 10 most expensive states. California is second, Washington is fourth and Oregon is seventh.

Oregon is one of 35 states where pump prices have remained relatively stable (+/- 2 cents) over the past seven days, and only two states are posting fluctuations of more than a nickel, both to the downside: Kentucky (-6 cents), and Ohio (-12 cents).

Consumers in 29 states and the District of Columbia are paying a bit less at the pump than a month ago, with the largest savings occurring in Alabama (-11 cents), Florida (-10 cents) and Georgia (-10 cents).

Oregon is one of 21 states where prices are higher than they were a month ago. In Oregon, the current average is only three-and-a-half cents more than it was a month ago. Drivers in three states – Michigan (+22 cents), Indiana (+15 cents) and Wisconsin (+11 cents) – are posting double-digit increases.

Drivers in 31 states, including Oregon, are paying a year-over-year premium, and of this total more than half are paying an additional 10 cents or more per gallon, led by Pennsylvania (+25 cents), Nevada (+22 cents), South Carolina (+20 cents). Oregon’s current average is six cents more than it was a year ago, while the national average is a penny more. The national average reached its high for the year so far of $3.70 on April 28.

World events continue to put upward pressure on crude oil prices. Market watchers continue to monitor the ongoing unrest in Libya, as well as the situation in Russia and Ukraine. Additionally, the Organization of the Petroleum Exporting Countries has a meeting scheduled tomorrow (June 11) in Vienna.

These proceedings will be closely monitored to see if there are any indications that oil production levels will be adjusted in the near future. OPEC, which produced about 40 percent of the world’s oil, is expected to discuss how to compensate for lost output from Libya, Iran and Iraq.

At the close of Monday’s formal trading on the NYMEX, West Texas Intermediate (WTI) crude oil settled $1.75 higher at $104.41 per barrel, which is the highest settlement since March 3. Today WTI is trading around $104 compared to $103 a week ago. Crude prices are up about three percent over the last month, and are about $8 a barrel more than a year ago.

For the third week in a row, there are three states with regular unleaded at or above $4 a gallon: Hawaii, California and Alaska. For the 20th week in a row, there are no states with an average below $3 per gallon, and no states within a dime of this mark for the 16th week in a row.

Hawaii has the most expensive gas in the country for the 85th consecutive week at $4.36, followed by California at $4.11 (down a penny and second most expensive for the 17th week in a row), Alaska at $4.04, Washington at $3.92 (up a penny and fourth most expensive after three weeks in fifth), and Connecticut at $3.92.

Oregon is seventh up from ninth last week at $3.90 (same as last week). Idaho is 23rd for the second consecutive week at $3.62 (same price as last week). Arkansas has the cheapest gas in the country for the second week in a row at $3.38 a gallon (down two cents).

Diesel prices are down slightly in most markets. The national average falls two cents to $3.90 a gallon. Oregon’s average slips a penny to $3.92.

Diesel is at or above $4 a gallon in 15 states (including the District of Columbia), down from 19 last week. Hawaii is most expensive at $4.84, followed by Connecticut at $4.34, New York at $4.28, Pennsylvania at $4.15, and Alaska at $4.15. California is sixth at $4.13 (down two cents and down from fifth last week).

Washington is ninth for the second consecutive week at $4.04 (same price as last week). Idaho is 15th up from 16th last week at $4.00 (down a penny). Oregon is 23rd up from 26th last week. A year ago, the national average for diesel was $3.86 and Oregon's was $3.91.

Information in this story provided by AAA Oregon


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