Fuel Market Report: Sept 22nd – Sept 28th, 2024
Wholesale Price Average 9/28/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.05 | $2.13 |
| B5 | $2.24 | $2.41 |
| B20 | $2.28 | $2.44 |
Average Retail Prices 9/28/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.22 | $3.66 | $4.05 |
| B5 | $3.57 | $3.88 | $4.33 |
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 experienced mixed variation this past week within the Portland market. Rack averages for E10 gasoline have continued to drop with prices down $0.13 this past week. Rack averages for diesel jumped with B5 up $0.04/gal and B20 up $0.09/gal. Stations throughout Oregon are still making the switch to the winter blend of fuel and this should continue into October as some are still lagging behind. Prices can be expected to fall into the month of October with lower demand and higher supply throughout the region, combined with the winter blend of fuel which is cheaper to manufacture.
US crude oil prices dipped below $70/barrel two weeks ago for the first time in a year pushing fuel prices lower across the board. There are worries that OPEC+ may delay production increases into the fall which may cause upticks in domestic supply with low demand and further price dips.
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 $70 this past week, at a current price of $68.35/barrel. This is $2.00 lower 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 $68.35/barrel compared to $70.45/barrel, last week and $80 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.