Could Oregon gas prices drop below $5 by Halloween?

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The average price for regular unleaded has dropped another 25 cents in Oregon over the past week. At the pace the price is falling, it could be below $5 by Halloween.

AAA reports the average price Tuesday was $5.05 per gallon, down from $5.30 last week. 

In Bend, which is typically higher than the state average, the average price was $5.10 Tuesday. That’s down 21 cents in a week.

AAA says Oregon’s drop is the third-largest behind Alaska and California.

“Lower crude oil prices and fewer drivers than usual fueling up are helping to drive the decreases,” AAA said.

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“Crude oil prices have been tempered by fears of a global recession along with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December. This should help take pressure off pump prices, bringing some relief to drivers and their wallets,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

That’s the upside. But drivers in Oregon are still paying 30 cents more per gallon on average than they were a month ago and $1.52 more than a year ago.

National State Local Gas Prices 10-25-22

“While gasoline prices have seen a large drop, diesel prices have been somewhat mixed, with prices heading higher in the Northeast as inventories drop to extremely tight levels ahead of the heating oil season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. 

De Haan also took a moment to debunk the idea that the drop in gas prices is a political move ahead of the Nov. 8 election.

“Motorists are reminded that the decline in gasoline prices is seasonal and should continue into the fall, and is unrelated to the coming election. Seasonality is king in driving prices, not the desires or hopes of politicians,” De Haan said.


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