Oregon Gas Prices Decline Amid Global Volatility
Gas prices in Oregon have dropped for the week, making it one of only five states to experience a decline. The national average price for regular gas is at an all-time high of $4.48 per gallon, while the Oregon average has reached $5.10 per gallon.
The national average price for diesel has also hit an all-time high of $6.53 per gallon, with the Oregon average at $6.87 per gallon. Crude oil prices have fallen below $100 per barrel on hopes of renewed diplomacy in the Middle East and reports that Saudi Arabia's critical East-West pipeline would be restarted soon.
According to Marie Dodds, public affairs director for AAA Oregon/Idaho, 'Oregon drivers are getting a little break at the pumps, with a small week-over-week decline in the average price of regular gas.' However, prices remain high due to ongoing volatility in the Middle East and the war between Russia and Ukraine.
Gas prices typically drop in the fall as refineries switch from summer-blend to winter-blend fuel, which is cheaper to produce. However, this year's global geopolitical tensions have kept pump prices elevated.