Fuel Market Report: Oct 20th – Oct 26th, 2024
Wholesale Price Average 10/26/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.19 | $2.28 |
| B5 | $2.43 | $2.54 |
| B20 | $2.44 | $2.50 |
Average Retail Prices 10/26/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.13 | $3.63 | $4.05 |
| B5 | $3.57 | $3.91 | $4.37 |
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 this week with rack averages down over $0.05/gal for E10, B5 & B20. After multiple weeks of price jumps earlier this month, it is not surprising to see prices begin to fall as they typically do during the Fall/Winter season. Oil prices are also still below $70/barrel which plays a key role in fuel prices remaining low. Per multiple reports, Israel has stated they will not strike Iran’s oil facilities but would rather be targeting military sites and bases which has calmed concerns of oil market disruption and price spikes that would come from it.
The City of Portland may run out of Renewable Diesel allocations in the coming weeks. This comes on the heels of Neste announcing production cuts from their refineries. 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 $70 this past week, at a current price of $67.08/barrel. This is $3.41 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 $67.08/barrel compared to $70.49/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.
