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Feb-10-2009 12:22printcomments

Oregon Gas Prices Edge Up Over the $2 Mark

Both national and state averages have jumped up about 14 cents in the past month.

Gas pump
Salem-News.com

(PORTLAND, Ore.) - Oregon's average for regular unleaded is now more than $2 a gallon, and the national average is close behind. Oregon's average jumps up nine cents in the past week to $2.05, while the national average increases four cents to $1.93. Both averages are up about 14 cents in the past month.

AAA Oregon Public Affairs Director Marie Dodds says, "As pump prices rise, the cost of crude oil is still in the basement at about $40 per barrel. There's been a disconnect between oil and gas prices since the start of 2009 as U.S. refiners processed less crude oil and slashed their gasoline output."

Dodds says that with rising fuel prices and the faltering economy, AAA doesn't see any evidence that demand for gas will recover anytime soon. "There's even less of a reason to expect a healthy rebound in the number of miles driven by Americans this spring with gas at $2 a gallon."

Crude oil today is trading at about $39 per barrel, compared to about $41 last week, and has remained between about $37 and $48 per barrel since early December, down from the record high of $147 in July. Dodds says, "We could see a slight rally in oil prices later this week, if the economic stimulus bill passes through Congress.

This should stabilize market prices for a variety of assets, including oil and gas futures, and investors may expect heightened demand for fuel as the economy strengthens. While most of us don't like the idea of higher gas prices, they would actually signal a positive sign for future economic growth, as long as the price hikes don't get out of hand."

Dodds says another reason oil prices won't drop much further, and may actually increase in the short term, is because of cutbacks by OPEC. The cartel continues to implement production cuts announced last year, and may consider additional cuts at its next meeting on March 15.

In Oregon, Salem drivers are seeing the best average price of $2.043. Portland's drivers are paying slightly more, with an average of $2.051 for a gallon of regular. Drivers in the Eugene/Springfield area are paying $2.081 for regular, and Medford/Ashland motorists are seeing an average cost of $2.089 a gallon for regular. Drivers in the Vancouver, Washington area are paying an average of $2.100 for regular.

Eleven states have averages for regular unleaded at or above $2 a gallon, up from six last week. The most expensive gas in the country for the 33rd week in a row is Alaska at $2.52, followed by Hawaii at $2.37, California at $2.23, Nevada at $2.14, and Washington at $2.13, which is up ten cents from last week. Oregon's gas prices are seventh highest, up from eighth last week. Wyoming has the least expensive gas again this week with regular unleaded at $1.64 a gallon.

Diesel prices are showing slight declines. The national average decreases two cents to $2.35, while Oregon’s average drops two cents to $2.47.

Hawaii has the highest statewide average price for diesel again this week at $3.91, followed by Alaska at $3.50, District of Columbia at $2.91, New York at $2.81, and Connecticut at $2.75. Oregon's average diesel price is 15th most expensive this week, down from 13th last week.

Washington's diesel price drops two cents to $2.54 which is 12th highest, same as last week.

A year ago, the national average for diesel was $3.36 and Oregon's average was $3.33.

Source: Oregon AAA




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