PORTLAND, Ore., – Gas prices continue to tick down and have been steadily declining all summer. For the week, the national average for regular falls three cents to $2.70 a gallon. The Oregon average loses two cents to $3.13.
Prices are a little cheaper as demand saw a small dip on the week, even though overall demand remains robust for the summer. The latest report from the U.S. Energy Information Administration shows that demand dropped for the previous week, landing at 9.55 million b/d. This is about 100,000 b/d less than the previous week and 300,000 b/d less than last year at this time.
“While gas prices continue to drop, the rate at which they are decreasing is slowing. Drivers can expect this trend to continue into mid-August,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
Oregon is one of 45 states and the District of Columbia where prices are lower now than a week ago. Michigan (-10 cents) and Illinois (-9 cents) have the largest weekly declines. Utah (+6 cents) has the largest weekly increase. This week there are six states with an average above $3 a gallon, same as a week ago.
Oregon is one of 40 states with lower prices now than a month ago. The national average is six cents less and the Oregon average is eight cents less than a month ago. This is the 10th-largest monthly decline in the nation. Florida (-17 cents) has the largest month-over-month decline, while North Dakota (+6 cents) has the largest monthly increase.
Oregon is one 48 states and the District of Columbia where drivers are paying less than a year ago. The national average is 16 cents less and the Oregon average is 15 cents less than a year ago. Delaware (-34 cents) has the largest year-over-year drop. California (+5 cents) and Nevada (+4 cents) are the only states with year-over-year increases.
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.
|Rank||Region||Price on 8/6/19|
|10||District of Columbia||$2.87|
California tops the list for the 20th consecutive week with Hawaii, Washington, Nevada, Oregon and Alaska rounding out the top six. Oregon is fifth most expensive for the third week in a row.
Most state averages in the West Coast region have decreased on the week, with Alaska (-3 cents) seeing the largest decline. Hawaii (+1/2 cent) is the only state in the region with a weekly increase.
The EIA’s recent report for the week ending on July 26 showed that West Coast gasoline stocks sit at 32.3 million bbl, growing by approximately 300,000 bbl from the previous week. The current level is nearly 150,000 bbl higher than last year at this time, which could help prices stabilize if there is any disruption in supply or gas demand increases in the region this week.
The cheapest gas in the nation can be found in Louisiana ($2.33) and Mississippi ($2.34). For the 25th week in a row, no states have an average below $2 a gallon.
Oil market dynamics
Crude prices mostly decreased last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Crude prices declined again on Monday. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tensions between the countries continue to increase, crude prices will likely keep moving lower.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.71 to settle at $55.66. At the close of Monday’s formal trading session on the NYMEX, WTI lost 97 cents to $54.69. Today crude is trading around $54, compared to $57 a week ago. Crude prices are down about six percent in the last month and are about $14 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 slips a penny to $2.98 a gallon. Oregon’s average also ticks down a penny to $3.18. A year ago the national average for diesel was $3.15 and the Oregon average was $3.40.
Find current fuel prices at GasPrices.AAA.com.
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