Oregon Fuel Price Variance
Fuel Market News
The wholesale market saw significant variance amongst rack average pricing as gasoline and diesel both dropped by $0.10 or more. Gasoline dropped $0.17 while diesel dropped $0.10. These price variances were felt throughout the local markets for fuel marketers but surprisingly did not affect the retail market. Average prices at the pump only moved by a penny. Crude Oil dropped by $3.00 which likely played a significant role in the downward pressure on fuel prices this past week. With the current growing conflicts in the Middle East, many analysts are preparing for high crude prices in the coming weeks.
Reasons For Lower Prices:
- Oil Prices dropped $3.00 in the past week
- Summer Blend Of Fuel
- Increasing Demand For Gas
Crude oil is trading above $80 for the fourth straight week at a current price of $82.85/barrel. Lower than last week, as oil prices trended downward, this past 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 $82.85 per barrel compared to $85.59 last week and $89 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.