Oregon Fuel Price Variance
Fuel Market News
The wholesale market experienced slight increases for both gas and diesel while the retail market saw a drop of over $0.10 for both gas and diesel in Washington & Oregon. Drivers have enjoyed relatively low fuel prices the past two months but should not expect this to continue, as prices will trend upwards towards the end of February. With winter storms across the nation, some refineries may have slowed activity which could lead to higher fuel prices in certain regions.
Crude oil is trading below $75 for the fifth straight week at a current price of $73.16/barrel. $.60 higher than it was last week, as oil prices trended upward for the first time in weeks.
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 around $73 per barrel compared to $71 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 in addition to 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, it is advisable to consult local news outlets, government energy agencies, or industry reports.