Oregon Fuel Price Variance
Fuel Market News
Fuel prices across the board had minor variance with no real significant impact on the market with price changes between $0.01-$0.03 for both gas and diesel. This is common for this time of year, as fuel prices hit their yearly lows and begin to rebound, gauging overall demand. Drivers are still enjoying relatively low fuel prices in February, but this won’t last for long as prices will likely begin to climb in March and onward into the spring season. Oil prices dropped significantly this week going from $78/barrel to $72/barrel. Although the market has yet to see any of this heavily affect prices at the pump.
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 $72 per barrel compared to $78 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.