Oregon – Average gas prices have shot up 21 cents per gallon over the last week, to $3.94 per gallon, according to GasBuddy’s survey of 1,307 stations around the state. This substantial gain stands in sharp contrast to the national average growth of 10.6 cents, many to wonder about the sudden spike.
Though still 39 cents lower than the numbers logged a year earlier, the price at the pump currently is 23.8 cents more than only a month ago. The price variation inside the state is dramatic, with the lowest priced gasoline at $3.15 per gallon and the most costly climbing to $4.99 per gallon, a huge spread suggesting varied market circumstances across several areas.
Some cities have experienced different changes: Eugene’s prices climbed by over 27 cents to $3.91, Portland’s rates climbed by around 22 cents to $4.09, while Salem had a more minor rise of 9.3 cents, pricing $3.73 per gallon. This regional difference highlights the intricate interactions influencing gasoline markets in the area.
Industry experts forecast a possible price decline on the future despite these recent increases. Patrick De Haan, head of petroleum analysis at GasBuddy, claims the price increase is related to more general economic issues.
“While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Recent economic data have revealed a drop in oil prices caused by the United States announcing major tariffs, the largest in more than a century, together with a quicker-than-anticipated recovery of oil output by OPEC+. These elements taken together have caused a significant decline in the stock market and raised concerns of a recession, which may reduce world energy consumption even more.
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De Haan suggests that these elements are contributing to the downward pressure on fuel prices.
“As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists,” De Haan said.
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The developing situation indicates that Oregonians could soon experience gas pump relief as these larger economic dynamics play out. Ongoing market volatility makes the length of lower prices unknown, hence customers and analysts alike are constantly monitoring events as they unfold.
