Average Gasoline Prices in Salem and Portland Hit All-Time Highs

Salem-News.com

(SALEM) - In the past week, Oregon's average regular gasoline price raced forward by almost 15-cents per gallon to $2.85, compared to a 13-cent increase in the national average, which now stands at $2.92. In the Salem and Portland metropolitan areas, motorists are paying new all-time high prices for a gallon of regular at $2.82.

The same is true in neighboring Vancouver, Washington. The average price exceeds $3 per gallon in Hawaii, California, New York, Connecticut and the District of Columbia.

At the close of business Monday, the price of crude oil dropped almost $2 to close at slightly above $73 per barrel, and the wholesale gasoline price fell by more than 6-cents per gallon to about $2.17. Yet, consumers should expect more increases at the fuel pumps due to the plus-$70 per barrel prices paid in recent days. In addition, growing global fuel demand and political tensions between some oil producing nations and the United States are expected to keep energy prices high. According to some analysts, pump prices should begin to level off within the next week or two.

President Bush on Tuesday called for action in response to the high gasoline prices. Among his long-term initiatives, he called on the Federal Trade Commission and the U.S. Attorney General's office to be sure consumers are treated fairly at the pumps—that prices are not being manipulated; he suspended oil shipments to the Strategic Petroleum Reserve to make more oil available to other users; and he urged energy companies to invest their record-high profits in expanding production of existing energy sources and in the development of alternate energy sources. He also asked Congress to consider suspending some tax breaks for energy companies, to look for ways to streamline the process of expanding or constructing new refineries in the U.S., and to consider expanding tax credits to consumers and businesses purchasing hybrid and clean-diesel vehicles.

At $2.85, Oregon's average gasoline price ranks 17th lowest in the nation. Hawaii has the highest statewide average price at $3.23. California's is up to $3.14; Nevada's is up to $2.95; Washington's is $2.91, and Idaho's is $2.63. Wyoming has the lowest average price at $2.55. The national average diesel price rose 12-cents per gallon to $2.93. In California, diesel averages $3.26 per gallon; in Washington, it's up to $3.05; in Nevada it's $3.07; in Oregon, it's up to $2.96; and, in Idaho, it's $2.95.