Wholesale Price Average 11/2/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.06 | $2.19 |
| B5 | $2.39 | $2.48 |
| B20 | $2.35 | $2.44 |
Average Retail Prices 11/2/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.10 | $3.61 | $4.03 |
| B5 | $3.55 | $3.88 | $4.38 |
Taxes
| Federal | State: OR | Local | State: WA | |
|---|---|---|---|---|
| Gas | $0.184 | $0.40 | $0-.13 | $0.494 |
| Diesel | $0.244 | $0.40 | $0-.13 | $0.494 |
Oregon Fuel Price Variance
Fuel Market News
Fuel prices dropped last week as we are finally starting to see the autumn fuel trends hit the market. Although oil prices trickled up slightly, fuel prices dropped this week on the wholesale and retail markets. Rack averages for E10 dropped $0.09/gal while diesel dropped $0.08/gal. Retail averages for Oregon dropped $0.02/gal while the national average dropped $0.03/gal. We should see these trends continue into November and December as we roll into the winter season.
From early reports, the last shipment of Renewable Diesel will be reaching Portland this week, with expectations that there will not be any more for the rest of the year. One of the biggest producers of R99, Neste, announced production cuts after issues at their refinery in Singapore. This will affect the Portland RFS fuel mandate pushing for higher blends of biofuels with many businesses already using Renewable Diesel for most of their fuel consumption.
Important Note: Per the City Of Portland, “Distributors in the City of Portland are required to meet the minimum biofuel content requirements for all fuel they distribute beginning on May 15, 2024. All diesel fuel distributed to retail stations, non-retail dealers, or wholesale purchaser-consumers must include a minimum of 15% biofuel content, from either renewable diesel or biodiesel. This requirement increases to 50% on May 15, 2026, and 99% on May 15, 2030”.
Crude oil is trading below $75 this past week, at a current price of $71.41/barrel. This is $4.36 higher than it was last week.
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 $71.44/barrel compared to $67.08/barrel, last week and $82 a year ago.
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.