Crude Oil, Average Gasoline Prices Move Downward

Prices continue to fall, with crude oil prices bouncing a bit.

Salem-News.com

(SALEM) - As the price of crude oil remains below $70 per barrel, consumers enjoy a steady decline in fuel prices. In the past week, the national average price for a gallon of regular gasoline fell by more than 3-cents; Oregon's statewide average decline was almost a nickel a gallon.

Salem drivers are paying an average of $3.01 for a gallon of regular gas. Average prices in the Eugene-Springfield and the Medford-Ashland metropolitan areas dropped by six-cents per gallon.

For the first time since May 9th, the Portland average price is less than $3 with per gallon prices ranging from $2.84 in Troutdale to as much as $3.08 in other sections of the metro area. "To see a continued drop in pump prices, crude oil prices will have to remain below the $70 per barrel mark for some time," said AAA Oregon Public Affairs Director Elliott Eki. "Whether that will happen is uncertain as prices fluctuate during daily trading sessions.

In addition, global issues and events could push oil prices up—or down—with little notice. On the positive side, gasoline inventories in the United States continue to build, so that will bring lower pump prices, but knowing when and by how much are difficult to answer." Nationwide, the average price exceeds $3 per gallon in 8 states and the District of Columbia. At $3.02, Oregon`s average gasoline price drops to 9th highest in the nation. Hawaii has the highest statewide average price at $3.38.

California`s fell to $3.22; Nevada`s is down to $3.04; Washington`s is $3.09, and Idaho`s dipped to $2.90. South Carolina has the lowest statewide average price at $2.65. The national average diesel price held at $2.97 per gallon. In California, diesel averages $3.30 per gallon; in Washington, it`s $3.14; in Nevada and Idaho, it's $3.12; and, in Oregon, it's down seven cents to $3.08.

Keep an eye on local gas prices at oregongasprices.com