Posted: Thursday, November 16, 2006 12:00 am
After two months of steady decline, the Oregon average price for a gallon of regular gasoline suddenly reversed itself, closing the week almost 8cents higher than a week ago at $2.49, according to AAA Oregon.
The national average price, which began its downward trend in mid-August, rose less than 4 cents per gallon in the same time period and now stands at $2.23.
"Interestingly, in recent weeks, average prices among Oregon's four measured metro areas have equalized. It often was common to see the Portland area average price much lower than that of the Medford-Ashland area. Now, average prices across the state generally are separated by only a few cents per gallon," said Elliott Eki, AAA Oregon public affairs director.
While the anticipated increase in consumer demand for fuel during the Thanksgiving holiday might be a factor behind the price hikes, U.S. oil and gasoline inventories remain strong, and the price of crude oil remains below $60 per barrel.
Another circumstance which could temporarily impact fuel prices is the closure of a Puget Sound refinery for scheduled maintenance, which should be completed soon.
Expectations are that pump prices will level off and remain near current levels at least until the spring driving season arrives, Eki said.