November 2023 Fuel Market Recap
November 2023 Fuel Market Recap for Portland, Oregon
Gasoline
The average price of a gallon of regular unleaded gasoline in Portland, Oregon, was $4.61 on November 30, 2023, up from $4.44 on November 1, 2023. This represents a 3.6% increase over the month.
Diesel
The average price of a gallon of diesel in Portland, Oregon, was $5.75 on November 30, 2023, up from $5.48 on November 1, 2023. This represents a 4.6% increase over the month.
Natural Gas
The average price of natural gas in Portland, Oregon, was $7.07 per million British thermal units (MMBtu) on November 30, 2023, up from $6.71 on November 1, 2023. This represents a 5.1% increase over the month.
November 2023 Fuel Market Recap for United States
Declining gasoline prices:
The national average for regular gasoline dropped by 5.1 cents per gallon compared to October, reaching $3.238 per gallon by the end of the month. This decline was driven by several factors, including increased refinery production, lower crude oil prices, and weaker demand due to seasonal factors.
Stable diesel prices:
Unlike gasoline, diesel prices remained relatively stable throughout November, fluctuating within a narrow range. The national average for diesel ended the month at $3.713 per gallon, just 0.2 cents higher than October.
Mixed natural gas market:
The natural gas market saw some volatility in November. Prices initially rose due to colder weather and increased demand for heating, but later retreated as temperatures moderated and storage levels remained above the five-year average.
Key Factors Affecting Fuel Prices
Global Oil Prices
The price of crude oil is the main driver of gasoline and diesel prices. Global oil prices were volatile in November, with the Brent crude oil benchmark trading between $76 and $92 per barrel.
Refinery Capacity
The availability of refining capacity is another important factor affecting fuel prices. Refinery capacity is currently tight, which is putting upward pressure on prices.
Seasonal Demand
Demand for gasoline and diesel typically increases in the winter months as people use more fuel for heating and transportation. This can also put upward pressure on prices.
Predictions for December 2023
Gasoline
Gasoline prices are expected to remain relatively stable in December, with the average price in Portland staying between $4.50 and $4.75 per gallon.
Diesel
Diesel prices are also expected to remain relatively stable in December, with the average price in Portland staying between $5.60 and $5.80 per gallon.
Natural Gas
Natural gas prices are expected to increase slightly in December, with the average price in Portland reaching between $7.30 and $7.50 per MMBtu.
Tips for Saving Money on Fuel
Drive less
This is the most effective way to save money on fuel. If you can carpool, take public transportation, or walk or bike instead, you can significantly reduce your fuel costs.
Drive efficiently
When you do drive, make sure you are driving efficiently. This includes following the speed limit, avoiding hard braking and acceleration, and using cruise control whenever possible.
Shop around for the best gas prices
Gas prices can vary significantly from station to station. Before filling up, take a few minutes to compare prices at different stations.
Consider using a fuel card
A fuel card can help you track your fuel spending and identify areas where you can save money.
Take advantage of fuel discounts
Some credit cards, loyalty programs, and employers offer discounts on fuel. Look for ways to take advantage of these offers.
