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Oregon gas prices slip lower in past week

Oversupply puts donwawrd pressure on prices

PORTLAND, Ore. -  Average retail gasoline prices in Oregon have fallen 1.3 cents per gallon in the past week, averaging $2.75 a gallon as of Sunday, according to GasBuddy's daily citizen-fueled survey of 1,307 gas outlets in Oregon.

That compares with the national average that has fallen 3.7 cents per gallon in the last week to $2.38 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Oregon during the past week, prices Sunday were 42.8 cents per gallon higher than the same day one year ago and are 5.2 cents per gallon higher than a month ago. The national average has increased 5.1 cents per gallon during the last month and stands 15.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 1 in Oregon have ranged widely over the last five years:
$2.32/g in 2016, $2.89/g in 2015, $3.88/g in 2014, $3.58/g in 2013 and $4.01/g in 2012.

Areas of Oregon and their current gas price climate:
Eugene- $2.78/g, down 0.7 cents per gallon from last week's $2.78/g.
Salem- $2.69/g, down 1.4 cents per gallon from last week's $2.71/g.
Portland- $2.78/g, up 0.4 cents per gallon from last week's $2.78/g.

"An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps. The national average gasoline price of $2.35 per gallon is a mere 14 cents higher than a year ago, down from a gap of nearly 40 cents just months ago," said Dan McTeague, GasBuddy senior petroleum analyst.

"The expected bump in fuel demand doesn't seem to be coming, leaving refineries with a lot of inventory that has yet to find a market. Gas prices appear poised to drop yet again this week," McTeague added.

Check the latest Central Oregon gas prices at KTVZ.COM's Pump Patrol, fueled by GasBuddy.com.


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