Oregon Fuel Price Variance
Fuel Market News
The diesel market experienced minor fluctuations this past week. Rack average pricing raised $0.07/gal while retail average prices increased $0.03 from the week before. The diesel market for B5 & B20 in the Portland area has seen much lighter fluctuations than the gasoline market in weeks prior. The gasoline market experienced significant fluctuations this past week as retail prices rose by $0.12/gal while rack average pricing raised just $0.07/gal. Although most retail stations in Portland are hovering around $3.20-3.40/gal for gasoline which is higher than the average price reported by AAA.
Oil prices are still above $80/barrel for the second time this month. With higher oil prices come higher fuel prices across the board, as we have seen in recent weeks. Drivers are back to searching for the cheapest fuel in town as prices continue to rise.
Reasons For Lower Prices:
- Oil Prices Over $80, currently $81/barrel
- Winter Fuel Blend
- Summer Blend Of Fuel
- Increasing Demand For Gas
Crude oil is trading above $80 for the second week straight at a current price of $81.91/barrel. $0.77 lower than last week, as oil prices trended downward this 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 $81.91 per barrel compared to $82.68 last week and $86 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.