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Gas prices dwindle slightly as markets process banking turmoil

Gas nozzle and hose inserted in vehicle.
Car fueling up at pump.

Oregon gas prices are bucking the annual trend, by dropping instead of climbing at this time of year.

The Oregon average per gallon of regular has fallen three pennies this week to $3.88, with Eugene-Springfield below the state average at $3.75.

Marie Dodds of AAA Oregon/Idaho said crude oil prices are at their lowest level since August of 2021. Recent uncertainty over banks is a factor.

“And you might say, ‘Well, what does oil and banking have to do with each other?’” said Dodds. “Well, the very broad notion is that a growing, thriving economy is going to consume more oil. That would put upward pressure on crude oil prices.

The opposite is also true, Dodds said.

"A faltering, shrinking economy is going to consume less oil," she said. "And that puts downward pressure on prices. And so that’s what we’re seeing with concerns about the global banking sector, and what may or may not happen there.”

Dodds predicted that with summer approaching, travel will likely increase and so will demand for summer-blend fuel, which costs more to produce. So this break from rising gas prices likely won’t last.

Brian Bull is an assistant professor of journalism at the University of Oregon, and remains a contributor to the KLCC news department. He began working with KLCC in June 2016.   In his 27+ years as a public media journalist, he's worked at NPR, Twin Cities Public Television, South Dakota Public Broadcasting, Wisconsin Public Radio, and ideastream in Cleveland. His reporting has netted dozens of accolades, including four national Edward R. Murrow Awards (22 regional),  the Ohio Associated Press' Best Reporter Award, Best Radio Reporter from  the Native American Journalists Association, and the PRNDI/NEFE Award for Excellence in Consumer Finance Reporting.