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Oregon gas prices hit $3.88 - is this the peak?

by By KGW.com Staff and The Associated Press

kgw.com

Posted on April 25, 2011 at 10:35 AM

Updated Monday, Apr 25 at 5:13 PM

PORTLAND — The AAA auto club reports the average price of a gallon of gasoline in Oregon has climbed to $3.88. That's the bad news.

The good news is that experts believe gas prices have likely reached a peak, according to the Lundberg Survey. It said that lower demand and slower growth of oil prices may actually keep prices from passing the all-tiem record of $4.11

The average Oregon prices is currently 2 cents higher than the national average and up 2 cents in a week, 15 cents in a month and 90 cents in the past year, according to AAA.

More: Check Portland gas prices

The average price for a gallon of gas in Washington state was $3.95 Monday.

In six states the average is above $4: $4.52 in Hawaii, $4.21 in California, $4.18 in Alaska, $4.11 in Connecticut, $4.08 in Illinois and $4.05 in New York.

More: Travel links | Traffic resources

Memorial Day is still five weeks away, and summer doesn't officially start for two months.

This year, anxiety over high gas prices -- and whether the family vacation will bust the family budget -- has come early. The gas jitters have much broader implications than how many people show up to take pictures of Bryce Canyon, Mount Rainier or the Everglades.

Gas prices are closely tied to the health of the overall economy. It's too early to tell how much of a toll gas prices will take on the summer travel season. The jitters have come so early that AAA hasn't even put out its summer travel forecast yet.

But there are already signs that the eye-popping prices at the pump are changing Americans' behavior. In Oklahoma, where gas is a relatively cheap $3.69 per gallon, AAA says it's getting a lot more calls from people who are out of gas on the highway.

National demand for gasoline, which should be rising this time of year, is falling instead. And for many, flying is out of the question -- after all, airlines have to buy fuel, too, and fares are going up fast.

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