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Oregon gas prices hit another record

June 18, 2008

AAA Idaho/Oregon Press Release — “The national average drops two-tenths of a cent, ending nine consecutive days of record highs. But Oregon?s average for regular unleaded sets a new record high again today, although prices in some of the state?s metro areas saw slight declines overnight.” AAA Oregon Public Affairs Director Marie Dodds says, “The statewide average for regular unleaded in Oregon jumps another 9 cents in the past week to $4.27, while the national average increases three and one half cents to $4.08.

Oregon and Washington are among 31 states, including the District of Columbia, with averages for regular unleaded at or above $4 per gallon, up from 25 states last week.”

 

AAA predicts that the national average will remain in the ballpark of $4.10 a gallon as the July 4th holiday approaches. But consumers can expect higher prices on the west coast. The current average in the Santa Barbara/Santa Maria/Lompoc area of California is already at $4.70.

 

The major factor behind record high prices at the pumps continues to be the skyrocketing price of crude oil. A barrel of crude is trading at around $133 today, which is in the middle of the trading range seen over the past week. Crude soared to $139 in trading on June 6, then just missed $140 Monday. 2008 began with crude oil crossing the $100 per barrel mark, and it was about $50 per barrel at the start of 2007. Saudi Arabia has proposed increasing its output of oil, but analysts are mixed as to whether that would bring gas prices down because of increased global demand for fuel. Saudi Arabia is holding an oil summit June 22 for oil producers and consumers to discuss the issue of spiking crude oil prices.

Prices at the pumps continue to be much higher than they were a year ago. The national average was $3.01 last year, while Oregon?s average was $3.13.

 

Oregon?s gas prices are 7th highest in the nation for the second week in a row. California has the most expensive gas in the country again this week at $4.60 a gallon, followed by Alaska at $4.44, Connecticut at $4.38, Washington at $4.32 and Hawaii at $4.32. Missouri has the least expensive gas in the country again this week at $3.83 per gallon.

 

Diesel prices have stopped climbing as quickly. The national average is up a penny this week to $4.80 and Oregon?s average is also up a cent to $4.82. Diesel averages are above $5 per gallon in four states, same as last week. Hawaii has the highest statewide average price for diesel again this week at $5.23, followed by New York at $5.14, California at $5.13, Connecticut at $5.01 and Vermont at $4.98. Oregon?s diesel prices are the 17th most expensive for the second week in a row. A year ago the national average for diesel was $2.90 and Oregon?s average was $2.88.

 

Get the latest fuel prices at AAA?s Daily Fuel Gauge at www.fuelgaugereport.com. For a comparison of fuel prices across the nation, go to the AAA Fuel Price Finder at www.AAA.com. AAA Oregon/Idaho provides more than 700,000 members with travel, insurance, financial and automotive-related services, and is an affiliate of AAA National, serving more than 50 million motorists in North America.

 

  
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