PORTLAND, Ore. (KOIN) – For the first time since the week of May 9, average gas prices in Portland have fallen below $5 per gallon.
According to GasBuddy, a tech company that monitors real-time fuel prices, the average price of gas in Portland Monday was $4.95 per gallon. That’s 7 cents lower than a week ago, but still $1.22 more than it was at this time in 2021.
It’s also significantly more than the national average price of gasoline, which was $3.92 per gallon Monday.
The price is slightly above the average gas price in Oregon, $4.85 per gallon, according to GasBuddy.
Gas prices in Portland and the rest of the country have been falling over the last few weeks. A month ago, the average gas price in Portland was 42 cents more than it is today.
According to GasBuddy, the cheapest station in Portland was selling gas for $4.35 per gallon Monday. The most expensive station was $5.69 per gallon.
The station with the cheapest gas in Oregon was selling it for $4.29 per gallon.
While these lower prices likely come as a relief to Oregonians, GasBudy’s head of petroleum analysis, Patrick De Haan, said they might not last.
“For the ninth week straight, gas prices have continued to fall, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded,” he said. “That means the decline in average prices could wrap up soon, with some price increases possible as early as this week.”
He said the West Coast and some areas of the Rockies may see prices continue to drift lower, but he expects the national average could increase.
On Monday, AAA reported Oregon’s average gas price was $4.87 per gallon. AAA does not provide gas price information specific to cities, but said Multnomah County’s average gas price was $5.03 per gallon.