Oregon Fuel Price Variance
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.