Gasoline prices in Oregon, and other states, are cheaper this week following an increase in gasoline stocks.
For the week, the national average slips one-and-a-half cents to $2.60 a gallon. The Oregon average falls a nickel to $3.26. This is the third-largest weekly decline in the nation, according to the American Automobile Association.
“We would expect the trend of falling gas prices to continue through this month, but the travel surge for Thanksgiving could cause price volatility and drivers could see increases at the pumps leading up to and through the holiday weekend,” AAA Oregon/Idaho public affairs director Marie Dodds said.
AAA projects the second-highest travel volume for Thanksgiving on record with 55 million Americans traveling for the holiday including 748,000 Oregonians. The vast majority—49.3 million Americans including 643,000 Oregonians—will drive to their Thanksgiving destinations.
Oregon is one of 39 states where prices are lower now than a week ago; As mentioned above, Oregon (-5 cents) has the third-largest weekly decline in the country. California (-9 cents) has the largest week-over-week decline, and Delaware is second (-8 cents). Ohio (+5 cents) has the biggest weekly jump, followed by Indiana (+4 cents). Prices are flat in Hawaii.
This week there are six states with an average above $3 a gallon, same as a week ago. For the last seven weeks, California has been the only state in the nation with an average above $4 a gallon. The California drops below the $4 a gallon mark this week, falling to $3.94.
Oregon is one of 41 states with lower prices now than a month ago. The national average is five cents less and the Oregon average is 8 cents less than a month ago. This is the ninth-largest monthly decrease in the nation. California (-21 cents) has the largest month-over-month decline and Michigan (-17 cents) is second. Utah (+18 cents) has the largest month-over-month increase.
Oregon is one of 15 states where drivers are paying more than a year ago. The national average is three cents less and the Oregon average is four cents more than a year ago. California (+30 cents) and Ohio (+13 cents) have the biggest year-over-year increases. Connecticut (-22 cents) has the largest year-over-year drop.
California is most expensive for the ninth week in a row, with Hawaii, Washington, Nevada, Oregon, and Alaska rounding out the top six. Oregon is fifth most expensive for the 18th week in a row. Arizona is eighth.
Pump prices in the West Coast region have decreased on the week. Prices spiked in the region earlier this fall after planned and unplanned refinery maintenance reduced supplies amid robust demand. Prices continue to ease as a result of imports to the region and increased production from regional refineries. As supply increases, prices will likely continue to drop throughout the region this week.
The EIA report for the week ending November 8 showed that total West Coast gasoline stocks increased from 26.19 million bbl to 26.60 million bbl. The current level is approximately 100,000 bbl lower than last year’s level at this time.
The cheapest gas in the nation can be found in Mississippi ($2.22) and Louisiana ($2.22). For the 40th week in a row, no states have an average below $2 a gallon.