Yep. It's also the smart, courteous thing to do:

From Oregon Revised Statutes:
814.400 Application of vehicle laws to bicycles.
(1) Every person riding a bicycle upon a public way is subject to the provisions applicable to and has the same rights and duties as the driver of any other vehicle concerning operating on highways, vehicle equipment and abandoned vehicles, except:
(a) Those provisions which by their very nature can have no application.
(b) When otherwise specifically provided under the vehicle code.
(2) Subject to the provisions of subsection (1) of this section:
(a) A bicycle is a vehicle for purposes of the vehicle code; and
(b) When the term “vehicle” is used the term shall be deemed to be applicable to bicycles.

Slow Drivers
When you drive slower than the normal speed of traffic, you must use the right lane or drive as closely as possible to the right curb or edge of the road, unless you are getting ready to make a left turn.  – Oregon Drivers Manual, page 35