Oregon Pump Prices Decline for Seventh Consecutive Week

Automobile Association of America Release: “Gas prices continue to fall. Oregon’s average for regular unleaded has dropped 38 cents from the record high set of $4.29 set on July 3. The statewide average falls eight cents this week to $3.91, and the national average declines for the 33rd day in a row, dropping seven cents this week to $3.73.” AAA Oregon Public Affairs Director Marie Dodds says, “At this rate, AAA is predicting a national average of around $3.60 by Labor Day and it could fall to $3.50 by the middle of September.”

Lower oil and gasoline prices continue to reflect slowing demand for petroleum products in the United States and Europe, as well as recent strengthening of the dollar against the Euro and the British Pound. This is important because oil is traded in dollars on the commodity exchanges in London and New York. Crude prices have remained fairly steady in the past week despite continuing tensions in the nation of Georgia, which is home to a major oil pipeline and a port on the Black Seas. It also appeared that Tropical Storm Fay would avoid the Gulf of Mexico and its petroleum facilities. Oil is trading at about $115 per barrel today, compared to the record high of $147 per barrel set on July 11.

Despite the lower prices at the pumps, we?re still paying roughly a dollar a gallon more than we were a year ago. The national average was $2.77 last year, while Oregon?s average was $2.76.

Oregon?s gas prices are 10th highest in the nation for the fourth week in a row. Alaska has the most expensive gas in the country for the eighth week in a row at $4.57 a gallon, followed by Hawaii at $4.42, California at $4.03, Utah at $4.03 and Idaho at $4.00. Washington is sixth highest at $3.98. Missouri has the least expensive gas in the country again this week at $3.50 per gallon. Only five states still have averages for regular unleaded at or above $4 per gallon compared with nine states last week.

Diesel prices are at their lowest level since the week of May 12th. The national average drops 14 cents to $4.37 this week, while Oregon?s average loses 11 cents to $4.51. Diesel averages are above $5 per gallon in two states for the third week in a row. Hawaii has the highest statewide average price for diesel again this week at $5.31, followed by Alaska at $5.19, New York at $4.78, District of Columbia at $4.76 and Connecticut at $4.76. Oregon?s diesel prices are 13th, up from 15th highest last week. Washington?s 7th, up from 9th last week.. A year ago the national average for diesel was $2.93 and Oregon?s average was $3.01.

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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