Gas Prices Continue Slow Decline

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Retail gas prices continue to slowly and steadily decline as the summer driving season comes to an end. For the week, the national average for regular falls a penny to $2.56 a gallon. The Oregon average slips half a cent to $3.04.

“Demand for gasoline and gasoline stocks usually drop in early September as refineries undergo maintenance and get ready for the switchover to winter-blend gasoline. This usually translates into cheaper pump prices which normally last through the end of the year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Currently all state averages are about 20 to 53 cents cheaper than a year ago.”

The latest report from the U.S. Energy Information Administration (EIA) shows that U.S. gasoline demand saw a steady decline from 9.9 million b/d to 9.4 million b/d, a reading typical for this time of year. In addition to the drop in demand, EIA data also shows that domestic gasoline stocks fell by 2 million bbl, which is mostly attributed to exports.

Oregon is one of 35 states and the District of Columbia where prices are lower now than a week ago. Ohio (-8 cents) has the largest weekly drop. Indiana (+7 cents) has the largest weekly increase. This week there are five states with an average above $3 a gallon, same as a week ago.

Oregon is one of 48 states and the District of Columbia with lower prices now than a month ago. The national average is 10 cents less and the Oregon average is six cents less than a month ago. This is the 41st-largest monthly decline in the nation. The District of Columbia (-19 cents) has the largest month-over-month decline. Arizona (+5 cents) and Hawaii (+1/2 cent) are the only states with monthly increases.

Drivers in 49 states and the District of Columbia are paying less than a year ago. The national average is 28 cents less and the Oregon average is 22 cents less than a year ago. Delaware (-53 cents) has the largest year-over-year drop.

Source: AAA

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