PORTLAND, Ore., – Drivers in the West Coast and Rockies regions are enjoying falling pump prices while prices are rising in the rest of the country. For the week, the national average for regular gains four cents to $2.79 a gallon. The Oregon average loses a penny to $3.20.
The national average has added eight cents since the start of July, due mostly to more expensive crude oil prices, strong demand and decreasing gasoline stocks. Hurricane Barry, which made landfall in Louisiana over the weekend, has had little impact on the national average. However, the West Coast has seen gasoline stocks grow which is helping to keep prices here from climbing.
Oregon is one of only 10 states where prices are lower now than a week ago. Utah (-4 cents) and Idaho (-3 cents) have the largest weekly decreases. Indiana (+14 cents) and Illinois (+12 cents) have the largest weekly increases. This week there are seven states with an average above $3 a gallon, same as a week ago.
Oregon is one of 11 states with lower prices now than a month ago. The national average is 10 cents more and the Oregon average is 8 cents less than a month ago. Utah (-21 cents) has the largest month-over-month decline, while Illinois (+35 cents) has the largest monthly increase.
The West Coast continues to have the highest pump prices in the nation with all of the region’s states except Arizona landing on the top 10 most expensive list. California tops the list for the 17th consecutive week with Hawaii, Washington, Nevada, Alaska and Oregon rounding out the top six. Oregon is sixth for the 10th week in a row. Most state averages in the region have decreased on the week, with Arizona (-2 cents) seeing the largest decline.
|Rank||Region||Price on 7/16/19|
The U.S. Energy Information Administration’s (EIA) latest report for the week ending on July 5 showed that West Coast gasoline stocks grew by approximately 500,000 bbl from the previous week and sit at 31 million bbl. The current level is about 200,000 bbl higher than last year at this time, which could help prices stabilize if there is any disruption in supply or gas demand surges in the region this week.
The cheapest gas in the nation can be found in Mississippi ($2.41) and Alabama ($2.43). For the 22nd week in a row, no states have an average below $2 a gallon.
Oregon is one 47 states and the District of Columbia where drivers are paying less than a year ago. The national average is 8 cents less and the Oregon average is 11 cents less than a year ago. Delaware (-24 cents) has the largest year-over-year drop. Illinois (+22 cents) California (+10 cents), and Nevada (+6 cents) are the only states with year-over-year increases.
Oil Market Dynamics
Crude prices increased last week as the market continues to worry about tensions in the Middle East, which could restrict global oil supply. If those concerns continue into this week, crude prices will likely continue to increase. Additionally, Hurricane Barry temporarily halted 60 percent of all crude production in the Gulf of Mexico last week. As the storm subsides and floodwaters diminish, crude production will resume. As a result, crude stocks may tighten in the region which could cause prices to increase modestly.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by one cent to settle at $60.21. At the close of Monday’s formal trading session on the NYMEX, WTI lost 63 cents to $59.58. Today crude is trading around $58, same as a week ago. Crude prices are up about 11 percent in the last month and are about $11 per barrel less than a year ago.
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
For the week, the national average adds a penny to $3.01 a gallon. Oregon’s average holds steady at $3.20. A year ago the national average for diesel was $3.17 and the Oregon average was $3.42.
Find current fuel prices at GasPrices.AAA.com.
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