Oregon – Based on GasBuddy’s most recent analysis of more than 1,300 locations, Oregon’s average gas price is stable at $3.48 per gallon as residents get ready for Thanksgiving travel. A bigger trend of declining prices compared to past months and years overshadow this minor increase of 0.5 cents per gallon from last week, therefore providing some relief for holiday visitors.
Oregon’s gas prices dropped 13 cents from a month ago and significantly 56.5 cents from last year. Still, there are significant state-wide variations in prices. The most expensive station came at $4.59, a notable $1.94 per gallon difference; the lowest station recorded a price of $2.65.
Last week, the average gas price nationally decreased 1.4 cents, coming to $3.01 per gallon. Although this is an 11.2-cent drop from a month ago, the national average stays just out of reach of the sought-after $2.99 milestone that many drivers expect to see.
“Ahead of Thanksgiving, motorists continue to be teased by the prospect of a $2.99 per gallon national average, a level now seen in 32 states. But for the last few weeks, the stars just haven’t quite aligned,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Last week, Russia’s threats after Ukraine used long-range U.S. missiles pushed oil prices back above $70 per barrel. Now, some promotions ahead of Thanksgiving are pushing gas prices back down, even as oil remains elevated. For now, we’re just pennies away from the national average falling to $2.99, but for a third year, we may again fall short. As Americans prepare to hit the road for Thanksgiving, we’re seeing the lowest national average price of gasoline since 2021, with a far better economic picture than when gas prices were last this low.”
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Oregon’s gas prices vary considerably depending on where you live. Eugene recorded a noteworthy drop of 7.2 cents a gallon, therefore bringing the local average to $3.28. With prices averaging $3.35, Salem noticed a nominal 0.9 cent uptick. The biggest urban area in the state, Portland saw a 1.8-cent rise, bringing its average to $3.66 per gallon.
Although such variations might not appear significant, they reveal a larger trend of localized price changes impacted by supply, demand, and regional market dynamics.
Compared to last year’s $4.04 per gallon average and even more so in 2022, when prices surged to $4.47 per gallon, Oregon’s current gas prices are significantly lower. Prices have fluctuated significantly over the previous ten years; 2015 had a low of $2.34 while highs in recent years topped $4. After years of instability, drivers will embrace the quite affordable prices this year.
Although overall gas prices have trended down, diesel—a vital fuel for industry and transportation—has also witnessed a small drop. Last week the national average for diesel dropped 1.3 cents to $3.502 per gallon. Reduced diesel prices could help to lower delivery costs, therefore indirectly helping consumers in supermarkets and other.
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Oregon’s drivers are enjoying some of the lowest rates recorded over the holiday season since 2021 as Thanksgiving travel is about to skyrocket. Prices in the next weeks could, however, be influenced by seasonal demand increases and uncertainty in the global oil market.
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Knowing that gas prices remain considerably below the highs of recent years, holiday travelers should relax a little bit for now even with minor weekly variations. Oregonians are gaining from a more favorable economic backdrop this Thanksgiving season, whether traveling to see family or just spending a peaceful holiday at home.
