Oregon's average gas price drops below $2

Oregon's average gas price drops below $2

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Story Published: Dec 2, 2008 at 6:25 PM PST

Story Updated: Dec 2, 2008 at 6:26 PM PST

By Associated Press

PORTLAND, Ore. (AP) - The average price of gasoline in Oregon has dropped below $2 a gallon for the first time in nearly three years.

The average price statewide for a gallon of regular was $1.92, down 11 cents from the previous week.

AAA Oregon officials say that's the lowest price since February 2005.

The national average fell to $1.81, its lowest point since January 2005.

Crude oil was trading below $50 per barrel, with prices down about 67 percent from the record high of $147 per barrel set on July 11 of this year.

AAA predicts crude oil prices could continue to decline, possibly falling to $40 or even $30 per barrel.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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