Fuel Prices Continue Downward Trend; Oregon Average Price Now Nation's 5th Highest

Fuel prices continue to fall. Oregon average price of $2.68 is down almost 7-cents since a week ago and now comparable to mid-April average price. Yet, it's 5th highest in the nation--even higher than California.

Salem-News.com

(SALEM) - The national average price for a gallon of regular gasoline now stands at $2.31, the lowest since the second week of January. Oregon's current average price—$2.68—is comparable to that of mid-April. In the past week, the national average price fell by more than a nickel per gallon while Oregon's went down by almost 7-cents.

Salem’s average price for a gallon of regular is $2.62 and that beats Portland’s average by two cents. But of Oregon's four measured metro areas, Eugene-Springfield recorded the greatest average price decline—just under10-cents per gallon.

Drivers in the Ashland/Medford area are paying $2.70 while Vancouver, Wash. motorists are paying $2.61 for self serve regular. Since the state's average price peaked at $3.11 on May 28, it's dropped by 81-cents per gallon, and it's expected to continue to fall this month and into November.

Analysts, however, forecast that prices will begin to stabilize near $2 per gallon in those areas of the country where fuel prices already have fallen dramatically. Crude oil continues to sell for about $60 per barrel. Although several OPEC countries said they might reduce production in response to falling prices, U.S. oil supplies are strong. "For families scheduling Autumn driving excursions, the lower fuel costs should be very encouraging," said AAA Oregon Public Affairs Director Elliott Eki. "Because area fuel prices vary so much, travelers should go to the AAA Fuel Price Finder at AAA.com where they can compare prices at more than 85,000 stations across the nation." As an example, according to the AAA Fuel Price Finder, the price for regular gasoline in the Portland metropolitan area ranges from less than $2.60 to more than $2.85 per gallon.

At $2.68, Oregon's average price is 5th highest in the nation. Hawaii has the highest at $3.06. California's is $2.67; Idaho's is $2.66; Nevada’s is $2.71, and Washington's is $2.69. Missouri has the lowest statewide average price at $2.02. Diesel prices continue their decline as well.

The national average price for a gallon of diesel currently stands at $2.66. Idaho's statewide average diesel price is down to $2.83. Washington's is $2.88, California's is $2.93, and Nevada's and Oregon's is $2.87.