Oregon Fuel Price Variance
Fuel Market News
The market experienced minimal price variance throughout the week, as prices closed within $0.02 of their opening price across the board for gas and diesel. The diesel market began to rise following the uptick in diesel prices this past week. Although retail prices only moved half a cent from the week before. Gas prices have continued to climb as gas demand increases with tight gasoline supplies in the West Coast markets. The retail average for gasoline in Oregon is $4.29/gal, while diesel is averaging around $4.31/gal. The retail price for gasoline in Portland is $4.36/gal, with diesel averaging at $4.41/gal.
Oil prices are still above $80/barrel for the third time this month. This is one of the main contributors to the higher fuel prices we have seen in recent weeks.
Reasons For Higher Prices:
- Oil Prices Over $80, currently $85.46/barrel
- Summer Blend Of Fuel
- Increasing Demand For Gas
Crude oil is trading above $80 for the third week straight at a current price of $85.46/barrel. $3.55 higher than last week, as oil prices trended upward 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 $85.46 per barrel compared to $81.91 last week and $88 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.