PORTLAND, Ore. (KOIN) – The national average price of gasoline is down Monday compared to last week, but the price of gas in Portland has only continued to climb.
Average gasoline prices in Portland rose 2.3 cents per gallon in the last week, the tech company GasBuddy reported Monday.
The company surveyed 387 stations in Portland and found prices are 37.5 cents per gallon higher than they were a month ago and $2.10 per gallon higher than a year ago.
As of Monday, the station with the cheapest gas in Portland had it priced at $5.19 per gallon while the most expensive gas was $6.09 per gallon. The lowest gas price in the state Sunday was $5.12 per gallon and the highest price was $6.75.
According to GasBuddy, the national average price of gas has fallen 4.2 cents per gallon in the last week. As of Monday, the national average was $4.97 per gallon. This is the first time in nine weeks the national average has fallen and it comes after a broad sell-off in oil markets last week.
On Thursday, June 9, the national average price per gallon of gas topped $5 for the first time.
“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” said Patrick De Haan, head of petroleum analysis at Gas Buddy.
De Haan said the coast isn’t entirely clear yet. The U.S. could see the national average fall another 15 to 30 cents by the Fourth of July, if it’s lucky. This is barring any unexpected shutdown at a time when the market is extremely sensitive.
Although national prices are down from the previous week, they’re still up 37.3 cents per gallon compared to a month ago and the average price is $1.92 more per gallon than a year ago, GasBuddy’s data show.
Not far from Portland, cities like Tacoma, Washing and Eugene, Oregon saw their average gas prices decrease compared to the week before. In Salem, the average price is up 2.4 cents per gallon.
According to AAA, the national average gas price Monday is $4.98 per gallon. Oregon’s average price is $5.54 per gallon.