Oregon Fuel Price Variance
Fuel Market News
The diesel market experienced spikes throughout the week, as the market closed $0.20 higher on Friday from its opening OPIS rack average of $3.48. Gasoline prices fluctuated upwards as prices rose $0.08 to end the week. Oil prices increased this week going from $72/barrel to $76/barrel. This price increase could likely be partly responsible for the uptick in diesel prices. As we approach March, fuel prices are likely to continue their price hike into Spring.
Reasons For Lower Prices:
- Oil Prices Below $80, currently $76/barrel
- Winter Fuel Blend
- Decreased Demand For Gas
Crude oil is trading below $80 for the fifth straight week at a current price of $76.21/barrel. $2.00 higher than last week, as oil prices trended upward for the second week straight.
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 $76 per barrel compared to $72 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.