Gas prices hit lowest mark since 2008

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

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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.


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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