Gas prices hit lowest mark since 2008


Some stations across the state drop to about $2 per gallon.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

Some stations across the state drop to about $2 per gallon.

A spokesperson for AAA Oregon/Idaho expects the price to continue to drop.

“I think over the next few days we’re going to see more and more breaking that [$2-a-gallon] threshold,” said Marie Dodds, a AAA spokeswoman.

The Portland-area average is $2.306 a gallon, down from $2.516 a month ago and $3.214 a year ago. The low point for the year was $2.12 in February.

A worldwide glut of oil may be contributing to the low prices at the pump. Crude oil prices closed last week below $45 a barrel, the lowest since early October, Dodds said. An expected rise in interest rate and decline in consumption in China are pushing prices lower.

(SOURCE: OregonLive.com)

Dodds also said that the Iran deal has had an effect on the price because it allows more Iranian oil into the market.

For gasoline consumers, however, declining prices are a welcome development that can allow for more spending elsewhere.

“Lower gas prices do spur spending on other things; if you’re able to save money on gasoline, you have that money available to spend on other items,” Dodds said. “Travel, remodeling, movies, eating out — all those things tend to increase when we have lower gas prices.”

(SOURCE: Bend Bulletin)

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