Gas prices continue to move lower, declining in 42 states, including Oregon, this week. The average price for regular gas in Oregon has dipped below $5 a gallon for the first time since September 4. But crude oil prices are back above $100 per barrel, which could put upward pressure on pump prices again. For the week, the national average for regular gasoline loses six cents to $4.28 a gallon. The Oregon average falls seven cents to $4.93 a gallon.

“Drivers are getting a little relief when they fill up their tanks, but with crude oil prices rising again, the declining pump prices may not last long,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Gas prices are significantly more expensive than they were before the conflict with Iran began. The National average for regular gas was $2.98 and Oregon average was $3.92 on Feb. 28, the day the U.S. and Israel launched airstrikes against Iran.

Crude oil prices remain volatile, with dramatic swings driven by concerns of how the conflict with Iran impacts global oil supplies. Since the conflict with Iran started, prices for West Texas Intermediate, the U.S. benchmark for crude, have ranged between $68 and nearly $113 per barrel. Crude was at $67 per barrel on Feb. 27, the day before the conflict began.

In general, every $1 increase in the price of crude oil leads to a 2.4- to 2.5-cent increase in the price of gasoline.

Tensions have escalated again in the Strait of Hormuz with strikes on vessels in the key waterway. Shipping traffic in the Strait of Hormuz had been increasing in the last few weeks. Normally, about 20% of the world’s oil and refined products flow through the Strait of Hormuz, which is the narrow passageway of the Persian Gulf and is bordered by Iran. Tankers traveling through the Strait of Hormuz carry oil from major producers in the Middle East including Saudi Arabia, Kuwait, Bahrain, UAE, Qatar, Iraq and Iran. Any disruption in the straight can impact global oil supplies and send crude oil prices higher.

The Oregon average for regular gas began 2026 at $3.42 a gallon. The highest price of the year so far is $5.353 on May 20. The lowest price of the year so far is $3.33 on January 20. The record high for the Oregon average is $5.548 set on June 15, 2022.

The Washington average for regular gas began 2026 at $3.86 a gallon. The highest price of the year so far is $5.789 on May 20, which is the record high for Washington. The lowest price of the year so far is $3.79 on January 14.

The national average began 2026 at $2.83 a gallon. The highest price of the year so far is $4.564 on May 21. The lowest price of the year so far is $2.795 on January 11. The record high for the national average is $5.016 set on June 14, 2022.

Demand for gasoline in the U.S. gasoline decreased from 8.77 million barrels per day to 8.41 million for the week ending October 9. This compares to 8.46 million b/d a year ago. Total domestic gasoline supply increased from 204.7 million barrels to 208.3 million. Gasoline production decreased from 9.34 million barrels per day to 9.23 million barrels.