Oregon Fuel Price Variance
Fuel Market News
The diesel market experienced minor price fluctuations throughout the week closing at $2.77, only $0.05 higher than its opening price of $2.73. The gas market experienced much more extreme price fluctuations, closing the week at $2.74, $0.43 higher than its opening price of $2.31. Many refineries are running the last of their winter fuel blend and will be undergoing maintenance as they make the switch back to the summer blend of fuel. This may have effects on overall supplies in many regions which will likely contribute to the upward movement of fuel prices across the board.
Oil prices dropped slightly to $77/barrel compared to $78 last week. Oil prices are still under $80/barrel which is often a good sign for fuel prices.
Reasons For Lower Prices:
- Oil Prices Below $80, currently $77/barrel
- Winter Fuel Blend
- Decreased Demand For Gas
Crude oil is trading below $80 for the seventh straight week at a current price of $77.78/barrel. $0.30 lower than last week, as oil prices trended downward for the first time in weeks. Although with a drop of $0.30, the market was hardly affected.
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 at $77 per barrel compared to $78 last week and $87 a year ago.
It’s essential to recognize that fuel prices result from a complex interplay of the factors mentioned above and 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, use the links below for AAA & GasBuddy.
If you have any questions, feel free to contact Star Oilco and speak to one of our fuel market advisors to discuss how the market can impact your business.