BEND, OR -- AAA-Oregon said national and statewide gas prices have moved higher after crude oil prices surged in the past week. Oregon's average for regular unleaded gas moved up three cents in the past week to $2.94 a gallon, while the national price jumped eight cents higher to $2.81.
"Prices are running well ahead of a year ago, with the national average about 33 cents higher and Oregon's average about 20 cents higher," said AAA-Oregon spokeswoman Marie Dodds. "Still, gas prices have been relatively stable this year, and even with these latest increases, the national average has remained between about $2.58 and $2.91 since the start of 2010. Oregon's average has remained between about $2.70 and $3.04 during the same period."
Crude oil moved up $5 per barrel in the past two weeks, and are currently about 5% higher than prices reported at the end of September. Dodds said the increase is due to the weaker U.S. dollar and anticipated action by the Federal Reserve to infuse financial institutions with capital in the hopes to promote lending.
OPEC meets this Thursday in Vienna. The 12 ministers are not expected to make any major changes in oil production or supply. Ministers have indicated they want to keep crude in the $70 to $80 per barrel range so as not to negatively impact the global economic recovery
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