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

Gas prices are still falling. The national avg. down to $2.26, Oregon’s statewide average is 5th highest in nation, at $2.61.

Salem-News.com

(SALEM) - Gas prices are still falling. The national avg. down to $2.26, Oregon’s statewide average is 5th highest in nation, at $2.61.

Oil inventories remain strong, but Winter can affect prices if a long stretch of cold weather pushes up demand for home heating fuels. Oil could be diverted to home heating use and to generate electricity, reducing gasoline output.

Fuel prices across the nation generally continue to fall with the national average price for a gallon of regular gasoline now at $2.26, down by slightly more than 4-cents during the past week. In Oregon, the average price dropped by about 7-cents to $2.61 per gallon in the same time period.

Salem’s average for a gallon of regular is $2.55, trailing the Eugene/Springfield average price of $2.52. Portland drivers are paying $2.57 while gas prices in the Ashland/Medford area are averaging $2.62 a galloon.

As of Tuesday, crude oil was trading at less than $59 per barrel, signaling continuing pump price reductions. At the same time, national inventories of crude oil and refined products are improving due to the lesser seasonal demand, which is prompting some OPEC ministers to push harder for production cuts.

While forecasts for an active hurricane season potentially disrupting the flow of petroleum never materialized, weather can become a factor in coming weeks. Cold weather, forecast to hit some regions of the nation as early as next week, could drive up demand for home heating fuels, reducing gasoline output at refineries.

"Motorists should remember, quoted average fuel prices as just that—average prices," said AAA Oregon Public Affairs Director Elliott Eki. "Comparing prices posted on the AAA Fuel Price Finder at AAA.com can be useful. As an example, in the greater Portland metropolitan area, going as far east as Sandy, as far west as Forest Grove and as far south as Wilsonville, randomly sampled prices for a gallon of regular range from $2.48 or to more than $2.70. While prices are expected to fall even further as the Thanksgiving holiday approaches, consumers should expect prices to rise again with the spring and summer driving seasons, so basic fuel conservation efforts, such as consolidating errands and routine vehicle maintenance, should not be abandoned.

At $2.61, Oregon's statewide average price remains 5th highest in the nation. Hawaii has the highest at $3.03, followed by Alaska at $2.82, Nevada at $2.64 and Washington at $2.63. California's statewide average is $2.56; Idaho's is $2.58. Missouri has the lowest statewide average price at $2.05. Diesel prices continue to drop. The national average price for a gallon of diesel currently stands at $2.62. Idaho's average diesel price is down to $2.68. Washington's is $2.77, California's is $2.87, Nevada's is $2.80 and Oregon's fell 11-cents to $2.76.