National Average Gasoline Price Decline Slows; Oregon Average Price Still Among Nation's Highest

National fuel prices are declining slowing somewhat. Oregon's still moving at a good pace, but the statewide average is still 33-cents higher than the national average.

Image courtesy: kmozart.com

(SALEM) - The steady decline in fuel prices nationwide slowed in the last week as the average price for a gallon of regular gasoline went down by almost 4-cents to $2.22. In Oregon, the average price fell by more than 6 and a half cents to $2.55 per gallon.

The Eugene/Springfield area’s average is the best in the state with drivers paying $2.45 for regular, while Salem residents are paying an average of $2.49. Portland’s average of $2.50 is better than Medford/Ashland where drivers are paying an average of $2.55 per gallon. Vancouver, Washington residents are paying $2.48 for self serve regular.

"The recent pricing activity across most of the nation suggests that fuel prices are about as low as they can go and further price reductions will be slower and more difficult," said AAA Oregon Public Affairs Director Elliott Eki. "On the other hand, West Coast prices are still falling at a pretty good clip, so the 33-cent gap between the Oregon and national average prices could be narrowed substantially."

To some extent, current Oregon pump prices already are well below the posted average price, which is shored up by higher prices in rural areas. Motorists in the Portland metropolitan area, for example, are finding fuel supplies ranging from about $2.40 per gallon to as much as $2.70 per gallon. Reasons behind the lower prices are strengthening oil and gasoline inventories and the price of crude oil, which has fluctuated from slightly above to slightly below $60 per barrel. OPEC ministers will meet Thursday to determine their production and pricing intentions. With the onset of the winter driving season, gasoline demand, as usual, backed off substantially. However, if the nation experiences severe weather conditions, the demand for fuel for heating purposes could rise to the extent that refineries will cut gasoline production, pushing pump prices upward.

At $2.55, Oregon's statewide average price remains 5th highest in the nation. Hawaii has the highest at $3.00, followed by Alaska at $2.74, Nevada at $2.56 and Washington at $2.57. The Idaho and California statewide average dipped to $2.53. Missouri has the lowest statewide average price at $2.01.

Diesel prices continue to fall. The national average price for a gallon of diesel currently stands at $2.60. Idaho's average diesel price is down to $2.66. Washington's is $2.74, California's is $2.82, Nevada's is $2.75 and Oregon's fell another 8-cents to $2.68.

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