Oregon gas prices jump 21 cents in a week, but analyst expects plummeting oil prices to reverse trend

CHICAGO (KTVZ) -- Average gasoline prices in Oregon have risen 21 cents per gallon in the last week, averaging $3.94/g Monday, according to GasBuddy's survey of 1,307 stations in Oregon. But an industry analyst says it's quite likely they will be dropping fast, and soon.

Prices in Oregon are 23.8 cents per gallon higher than a month ago and stand 39.0 cents per gallon lower than a year ago, the company said.

According to GasBuddy price reports, the cheapest station in Oregon was priced at $3.15/g Sunday while the most expensive was $4.99/g, a difference of $1.84/g.

The national average price of gasoline has risen 10.6 cents per gallon in the last week, averaging $3.21/g Monday. The national average is up 13.2 cents per gallon from a month ago and stands 35.6 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Oregon and the national average going back 10 years:
April 7, 2024: $4.33/g (U.S. Average: $3.57/g)
April 7, 2023: $3.93/g (U.S. Average: $3.58/g)
April 7, 2022: $4.66/g (U.S. Average: $4.14/g)
April 7, 2021: $3.15/g (U.S. Average: $2.87/g)
April 7, 2020: $2.53/g (U.S. Average: $1.89/g)
April 7, 2019: $3.11/g (U.S. Average: $2.74/g)
April 7, 2018: $3.05/g (U.S. Average: $2.66/g)
April 7, 2017: $2.74/g (U.S. Average: $2.39/g)
April 7, 2016: $2.17/g (U.S. Average: $2.04/g)
April 7, 2015: $2.71/g (U.S. Average: $2.38/g)

Neighboring areas and their current gas prices:
Eugene- $3.91/g, up 26.8 cents per gallon from last week's $3.64/g.
Salem- $3.73/g, up 9.3 cents per gallon from last week's $3.64/g.
Portland- $4.09/g, up 21.6 cents per gallon from last week's $3.88/g.

The national average price of diesel has increased 3.6 cents in the last week and stands at $3.594 per gallon.

"While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated," said Patrick De Haan, head of petroleum analysis at GasBuddy.

"In addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased — raising the likelihood of reduced global energy and oil demand, which is sending prices lower.

"As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists," De Haan said.

GasBuddy is the authoritative voice for gas prices and the only source for station-level data. GasBuddy's survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy's averages, graphs, maps and historical pricing data covering the U.S. and Canada is available 24/7 at http://prices.GasBuddy.com.

GasBuddy also fuels KTVZ.COM's Pump Patrol, which features the lowest reported gas stations on the High Desert.