As drivers prepare for the Thanksgiving holiday, they can also look forward to lower gas and diesel prices across the state of Oregon. It is the holiday travel season which means there will be even more drivers on the road, typically driving longer distances to gather for holiday celebrations. AAA projects that 55.4 million Americans will travel 50 miles or more from home for Thanksgiving. Fortunately, holiday drivers will get a break at the pump as gas prices in Portland dropped $0.20, and diesel prices in Portland dropped $0.12.

Key Reasons For Lower Prices:

• Volatile Oil Market Trending Downward
• Stronger Dollar
• Reduced Market Concern With Conflict In Israel
• Oil prices under $80, currently $77/barrel

Crude oil is trading below $80 for the second straight week at a current price of $77.99. This is $1 lower than it was last week, a less significant drop than weeks previous, but still a good sign for overall fuel prices.

Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing, and 14% taxes—a helpful breakdown for consumers wondering why they are paying the prices that they pay. Crude Oil is trading around $78 per barrel compared to $83 last week and $89 a year ago.

It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above in addition to other factors regionally. Additionally, prices may vary by specific regions within Oregon and Washington. For the most precise and up-to-date information on fuel prices and the causes for these price changes within your area, it is advisable to consult local news outlets, government energy agencies, or industry reports.