National Average Gasoline Price Falling; Oregon Prices Continue to Climb

Today's gasoline prices are rapidly approaching the cost of gas in Europe, but older Americans remember when two dollars bought a full tank Photo Courtesy: plan59.com

(SALEM) - In the past week, the national average price for a gallon of regular gasoline fell more than 6-cents a to $2.87. Conversely, in Oregon, the average price went up 4-cents and currently stands at $3.10. Nonetheless, there is some optimism that prices—at least for now—have peaked and will remain level as the Memorial Day holiday arrives.

Despite the high fuel prices, AAA forecasts about 37.6 million Americans, a one percent increase over last year, will travel more than 50 miles from home during the holiday. More than 84 percent are expected to travel by motor vehicle.

Salem`s average price for a gallon of regular gasoline is $3.06, slightly below Portland`s $3.07 average. Drivers in the Eugene/Springfield area are paying an average of $3.15 per gallon, with Medford/Ashland residents paying $3.13 a gallon. Vancouver, Washington drivers are paying just under $3.08 per gallon. Although the Salem and Medford/Ashland area average prices set new highs this week, they remained stable overnight; in Oregon's two other measured metropolitan areas, Portland and Eugene/Springfield, overnight average prices dipped by less than half a cent per gallon. The energy market remains extremely volatile with crude oil prices closing Tuesday at more than $70 per barrel. Wholesale gasoline prices also went up. Worries about worldwide interest rates, the threat of inflation, especially in the United States, and continuing geopolitical tension make market forecasting near impossible. Another factor muddying the picture is how energy traders respond to forecasts for the hurricane season, which officially begins June 1st. At $3.10, Oregon`s average gasoline price is 5th highest in the nation. Hawaii has the highest statewide average price at $3.40. California`s dropped to $3.36; Nevada`s is down to $3.18; Washington`s is $3.16, and Idaho`s is up to $2.91. Oklahoma has the lowest average price at $2.63. The national average diesel price moved down to $2.95 per gallon. In California, diesel averages $3.37 per gallon; in Washington, it`s $3.26; in Nevada, it's $3.21; in Idaho, it rose to $3.26; and, in Oregon, it held steady at $3.19.