Oregon Fuel Price Variance
Fuel Market News
The fuel market experienced a mix of price fluctuations this past week. Rack averages for gasoline dropped while diesel went up. The rack average for E10 fell $0.10/gal, while B5 jumped $0.10/gal and B20 inched up $0.03/gal. The summer blend of fuel is soon to be leaving the market on September 15th, as refineries switch back to the winter blend of fuel. This will likely cause supply bottlenecks and increases in price for fuel across the board. During this time refineries often slow operation and experience down times as they make the switch to winter fuel.
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 $80 for the sixth time in ten weeks, at a current price of $74.81/barrel, $0.35 higher than last week, as oil prices trend upward slightly 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 $74.46/barrel compared to $74.46/barrel, last week and $76 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.