National Average Gasoline Price Fluctuating; Oregon Average Price Still on Downward Swing

The national average price decline goes up and down, closing the past week one-cent higher than previous week at $2.21. Oregon average price is still moving downward...$2.439. Fluctuation in the national average suggests some regions already have hit their lowest prices and prices are being adjusted upward to maintain profit margins.

(SALEM) - The national average price for a gallon of regular gasoline moved somewhat erratically in recent days and currently is $2.21, a penny higher than one week ago. Oregon's average, however, fell by slightly more than 4-cents per gallon to $2.439.

In a month's time, the gap between the Oregon and national average price has been narrowed from 39-cents to 22-cents per gallon. "The national average suggests that station owners in states where prices fell dramatically in August and September are adjusting upward to maintain profit margins," said AAA Public Affairs Director Elliott Eki. "It's expected Oregon's average price decline will continue as we approach Thanksgiving, but it's likely the reductions will be at a slower rate than we've seen in past weeks." Since early August, the national average price has dropped by about 83-cents per gallon. Oregon's most recent downward trend began in mid-August and to date, has lost about 61-cents per gallon.

Eugene/Springfield continues to see the lowest average price in the state; $2.36. Salem drivers are paying an average of $2.39 for a gallon of regular, Portland’s $2.37 is the next best price in Oregon , and Medford/Ashland motorists are paying an average of $2.39 per gallon. The price of crude oil in the past week moved above the $60 per barrel mark briefly, but quickly retreated to the $58 range, despite the OPEC decision to cut oil production by more than a million barrels per day. Low seasonal demand, increased gasoline imports, and steadily building oil and gasoline inventories in the U.S. are primary factors in the lower pump prices. Savvy shoppers will find many stations with prices well below the state or metropolitan area averages. In the Portland area, prices for a gallon of regular range from less than $2.30 to more than $2.40 per gallon.

At $2.44, Oregon's statewide average price ranks 6th highest in the nation. Hawaii has the highest average price at $2.90, followed by Alaska at $2.63, Washington at $2.47, Nevada at $2.46, and Idaho at $2.45. California's statewide average dipped to $2.42. New Jersey, the only other state that prohibits self-service, has the lowest statewide average price at $2.04.

Diesel prices generally remained flat. The current national average price is $2.61 per gallon. Idaho's average diesel price went up to $2.75, Washington's went up a penny to $2.74, California's fell to $2.78, Nevada's dropped to $2.69 and Oregon's dipped to $2.62.