Fuel Market Report

Fuel prices are down across the board this past week, as expected with winter fuel blend on the market and oil prices reaching their lowest price point of the year. Rack averages dropped $0.14/gal for gasoline and $0.08/gal for both B5 & B20 diesel. Fuel prices should continue to fall in coming weeks as oil prices are at the lowest price since 2021. Retail prices for fuel in Portland have not dropped much compared to rack averages but this should change in coming weeks as we roll into autumn and winter in the coming weeks. The refinery fires at Chevron’s El Segundo refinery put a temporary bottleneck on supply and prices in previous weeks but have since been resolved as prices continue to fall.

Fuel prices varied this past week as gas prices increased slightly and diesel prices dipped. Gas prices increased by $0.13/gal on the rack average market and dropped $0.06/gal on the retail street market. Diesel prices dropped $0.10/gal across the board for rack averages, while the retail street average did not move from the week prior. As mentioned in earlier reports, gas prices should come down in the coming weeks with the winter fuel blend back on the market. Fuel prices typically reach their lowest price level from October to December every year. We can expect the same in the coming weeks. Oil prices are also currently below $62/barrel, which will help contribute to lower prices.

Fuel prices trickled down this past week with both wholesale rack averages and retail street prices down. Rack averages in Portland dropped $0.10/gal on E10 gasoline, and dropped less than $0.02/gal on diesel across the board. This trickled down into the retail market as street prices are down about $0.05/gal in Portland. The Olympic Pipeline is back online and the winter-blend of fuel is coming back to the market. We should see prices continue to come down slightly in the coming weeks as winter fuel hits stations across Oregon. Fuel prices typically reach their lowest levels during late fall/early winter every year so we should see downward pricing in the weeks ahead. For more information on prices, visit our website for weekly updates.

Gas prices have trickled back down this week as the Olympic pipeline has been back online and is supplying throughout the PNW. The past two weeks were filled with a massive price jump in gas, with retail averages above $4.50/gal. We should continue to see these numbers fall back this week. Rack averages for Portland are down $0.49/gal for E10 gasoline, while diesel prices did not move more than $0.01/gal. This is the biggest price drop we have seen for gas in months, but it was expected after the Olympic pipeline was offline. As we roll into October, retail stations will switch back to the winter blend of fuel, which may cause a temporary price spike due to logistics, but will be followed by further price dips throughout the market.

Gas prices skyrocketed this past week while diesel prices remained stagnant. The maintenance shutdown of the Olympic pipeline caused gas prices to increase by over $0.20/gal in just a week. Diesel prices moved $0.005/gal, with next to no movement on diesel prices. Commuters in Portland saw retail gas prices over $4.50/gal during the past week, and prices have yet to come down. The Olympic pipeline is back online this week, with capacities back to normal. We should see prices fall this coming week with the pipeline maintenance complete and the switch to winter fuel approaching.

Fuel prices are up across the board this past week, with both diesel and gas jumping over $0.15/gal. Rack averages in Portland jumped $0.20/gal for E10 gasoline and $0.16/gal for diesel. This comes on the heels of the Olympic pipeline maintenance this past week, after issues arose within the pipeline system requiring un-forecasted maintenance. This directly affects supply throughout the PNW, creating pricing bubbles throughout Washington, Oregon & California. Gas prices are expected to continue to climb this week, with maintenance yet to be fully completed. This will also roll into the switch from Summer blends of fuel to Winter blends of fuel, which will begin in the coming weeks. This may temporarily spike prices, with pricing drops thereafter.

Gas prices dipped slightly, and diesel prices saw significant price jumps this past week. Rack averages in Portland were down $0.03/gal while diesel prices were up over $0.10/gal on B5, B20, and R99. Renewable diesel prices dipped significantly this month, with prices as low as $2.50/gal. The Portland market’s need for Renewable Diesel will continue to be high in demand as the 2026 RFS deadline approaches, with diesel blends increasing to B50 blends. Questions of supply remain unclear, with Neste pulling out of the market in early 2025. Much remains unknown about the future supply of diesel in Oregon. Demand will be very high, and supply will need to be strong to support this. Where the supply comes from remains unknown for most. The winter blend of gas and diesel will soon be back on the market as we roll into September next week. This may create an initial increase in prices, with pricing dips following into October/November. Oil prices have remained slightly below $65/barrel. OPEC+ has announced a production boost headed into September, which may lead to crude oil prices below $60/barrel into the fall/winter. 

Diesel prices are down significantly and gas prices have hovered around the same price range for the wholesale rack average market. These prices have had little impact at the street pump price level so drivers are not seeing as much of a difference as distributors. Diesel prices have dropped over $0.20/gal since the beginning of August while gas prices have hovered around the $3.90/$4.00 range. Gas prices should remain around this level in coming weeks with a slight uptick in late September when the winter blend of fuel begins to hit the market and then a further downtick in gas prices both wholesale and retail. Drivers can expect to see lower gas prices October 1st than today. The summer was a very mild one for hurricanes as the South experience next to no distributions in production due to natural disasters. This could change this week with Hurricane Erin reaching a category 4 and headed to the east coast and Florida region.

Fuel prices trickled down this week with both gas and diesel prices dropping. Although the drops were very marginal, with gas prices down $0.02/gal and diesel prices down less than $0.05/gal. Rack averages in Portland saw a steeper drop-off while retail street prices hardly budged. Fuel prices should remain steady in the coming weeks as political climates in the Middle East have toned down and hurricane season has been very quiet for the southern states. Historically, fuel prices have been higher around this time of year with summer travel and increased demand for fuel. Yet surprisingly, fuel prices were at the exact same level in Portland a year ago today. Iran has agreed to new nuclear talks amid the tensions in the Middle East. On July 22nd Britan, France, Germany and Iran will hold talks to re-engage this discussion.

Fuel prices trickled up this week, with street retail prices dropping slightly and rack averages going up about $0.05/gal. Portland rack averages for gas jumped $0.07/gal, while B5, B20 & R99 diesel averages moved up less than $0.03/gal. AAA analysts predict prices at the pump will continue to fall as tensions calm in the Middle East and no hurricanes are expected to hit the Golf Coast in the coming weeks. According to the EIA, “Gasoline production dipped last week, averaging 9.6 million barrels per day, compared to 10.1 million barrels the previous week”. Although this dip may not seem extreme, it is surprising coming off a record-setting 4th of July with traveling trends reaching all-time highs. With inventories relatively steady, we should see prices at the pump hover around their current price with some slight dips into August.

Oregonians may be in store for higher diesel prices this year with the end of Blenders Tax Credits, the introduction of the Producers Tax Credit & the Oregon Climate Protection Program going into 2025. For more on this report, visit the link below.

2025 Fuel Market Outlook: Oregon