• November 6, 2023

Fuel Market Report: Oct 29th – Nov 4th, 2023

Fuel Market Report: Oct 29th – Nov 4th, 2023

Fuel Market Report: Oct 29th – Nov 4th, 2023 150 150 Star Oilco
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Oregon Fuel Price Variance

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Fuel Market News

Halloween candy wasn’t the only treat Oregon drivers got this week, as fuel prices continued to drop. Retail gas prices in Oregon fell $0.08 to an average of $4.27. Retail gas prices in Washington fell $0.11 to an average of $4.61. Wholesale prices for gas in Oregon fell $0.06 to a rack average of $2.40 (excluding taxes). Wholesale diesel prices in Oregon have fallen $0.16 with an average cost of $3.02 (excluding taxes). Average fuel prices in Oregon are at their lowest in six months.

Key Reasons For Lower Prices:

  • Winter fuel blends are cheaper to manufacture & distribute
  • Overall demand for gas is down
  • Declining oil prices

Crude oil is currently trading below $90, at an average of $83. Down two dollars from the previous week. Prices dropped throughout the week as the average price last week was $87. Prices are about the same as they were a year ago this time.

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 $83 per barrel compared to $87 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 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.

For other news in the fuel market:

https://gasprices.aaa.com/?state=OR

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