Portland Local News

 

Gas prices decline ahead of holiday

Gas prices decline ahead of holiday

Retail gas prices continue to decline as Americans get ready to celebrate the 4th of July, one of the busiest travel periods of the year.  The national average drops seven cents this week to $3.48 a gallon and is at its lowest point since February 1.  The Oregon average slips four cents to $3.76 and is at its lowest point since mid May.
 
Despite these declines, drivers this Independence Day will likely pay the third highest average gas prices on record for the holiday.  The highest national average for the holiday was $4.10 per gallon in 2008, followed by $3.57 per gallon in 2011 and $3.34 per gallon in 2012.  In Oregon, the highest average for the 4th of July was $4.29 in 2008, followed by $3.76 in 2011 and $3.61 in 2012.
 
Gas prices dropped an average of 12 cents per gallon nationally and 15 cents in Oregon in June, marking the third year in a row that prices have fallen to begin the summer driving season.
 
Pump prices may increase again this month, thanks to higher crude oil prices.  Investors are keeping a wary eye on unrest in Egypt and Syria amid concerns that violence could spread to other areas of this oil-rich part of the world.

 

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