Fuel Market Report

Fuel prices are up for the sixth consecutive week, with fuel prices up 22% in the last two weeks. Last week, crude oil reached $112.48/barrel, sending prices higher across the nation. The stalling of tanker ships traveling through the Strait of Hormuz, as a result of the conflicts in Iran, has played a major role in crude oil prices spiking. Drivers in all 50 states saw fuel prices spike by over $0.25/gal. The national average price for gasoline is up $0.48/gal, while diesel is up $0.96/gal. It is estimated that for every $1 increase in the price of crude oil, gasoline prices will increase by 0.2 to 0.5 on average. It is likely that prices will continue to climb over the next 4 weeks as the Iran & U.S situation continues to develop.

Fuel prices are up for the fifth consecutive week, with fuel prices up 12% across the board. This comes on the heels of the heightened tensions between the U.S & Iran. The United States began its attack on Iran on February 28th, which was followed by retaliation strikes by Iran across the eastern region, with Dubai, UAE, and oil infrastructures being key targets. This resulted in crude oil prices up 24% in just 5 days. There is no real timeline for this conflict as it may continue for many months ahead. WTI Crude is currently trading at $75/barrel. Prices will likely continue to climb in the coming weeks as this conflicts continues to develop.

Fuel prices are up for the fourth consecutive week, with gas prices jumping over $0.24/gal and diesel over $0.15/gal. The average retail price for gas in Portland has increased by $0.24/gal over the last week. The Olympic pipeline went down for maintenance on Tuesday, February 17th, sending prices up across WA & OR. The Pipeline resumed operation on Friday morning, the 20th, but the effects on the supply chain are still being felt. U.S. Crude oil prices are also up over $2/barrel, which has contributed to higher fuel prices across the nation. This, along with California refineries switching to summer blends of fuel could likely push prices higher into this week as we continue to see prices climb.

Fuel prices are up for the third consecutive week as prices jumped over $0.20/gal on gas and $0.12/gal on diesel this past week. Rack averages in Portland jumped $0.29/gal for regular E10 gasoline, and $0.13/gal for B5 & B20 diesel. The average retail price for gas in Portland has increased by $0.22/gal over the last two weeks. In part, this is due to current geopolitical tensions between Iran and the U.S along with higher crude oil prices, extreme storm weather across the nation, and refineries beginning to switch back to summer blend gas as we approach the spring season starting March 20th. We should expect prices to continue to trickle upwards as the switch to summer blend gas creates logistical and operational challenges affecting pricing and distribution.  

Fuel prices are up this week across the board as diesel and gas prices increased by over $0.20/gal. Rack averages in Portland jumped $0.24/gal for regular E10 gasoline, and $0.30/gal for B5 & B20 diesel. These price increases also hit the retail market, with prices up $0.13/gal on the AAA average. Crude oil is just above $60/barrel for WTI crude, up $2/barrel from the previous week. This is the highest increase in crude oil pricing we have seen in multiple weeks and is partially responsible for why prices jumped so significantly this week.

Fuel prices are up this week across the board as diesel and gas prices increased by over $0.10/gal. Rack averages in Portland jumped $0.13/gal for regular E10 gasoline, and $0.20/gal for B5 & B20 diesel. Oregon is still within the top 10 states for the highest fuel costs for January, with a current average price of $3.33. Although the average in Portland is significantly higher at $3.65/gal. Fuel prices should continue to maintain at their current price levels until April/May, when the switch back to summer blends of fuel begins to come back into the market. Crude oil is still hovering just below $60/barrel for WTI crude, which is contributing to the maintained lower fuel prices.

Fuel prices are down this week compared to the week prior, as crude oil prices are still hovering just below $60/barrel and crude oil supply is in a global surplus. On January 3rd, the U.S carried out an operation which led to the capture of Venezuelan President, Nicolas Maduro. After the operation, global headlines stirred across the globe with reports on oil prices and quantities. Although headlines were plentiful, the overall impact on the global oil market was minimal. Venezuela currently accounts for less than 1% of the global supply at less than 1 Mbpd. The reports that the U.S will assume all of Venezuela’s crude oil supply are not confirmed. Any investments made into Venezuela’s oil sector will require upwards of billions of dollars and multiple years to yield any real results. 

Fuel prices took another big dip this week, as prices dropped over $0.15/gal on gas and diesel. Rack averages in Portland dropped $0.16/gal for E10 gasoline, $0.22/gal for B5 & B20 diesel, and $0.26/gal for R99 Renewable diesel. Although these pricing drops are a bit extreme, they were somewhat expected after the Olympic Pipeline came back to operational status. Fuel prices are reaching their annual lows for the year and were on their way there before the pipeline supply interruption. The retail market is beginning to follow as the average retail price for gasoline is down $0.10/gal nationwide. WTI Crude is also reaching an annual low at a current price per barrel of $55.21.  

Fuel prices dipped this past week in Portland, as rack averages for gasoline had its biggest single-week price drop this year, of over $0.30/gal. This comes on the heels of the Olympic pipeline getting back to operational status after a 10-day shutdown in the weeks before. Fuel prices across the board have dropped this past week, as rack averages for diesel were also down $0.04/gal. Surprisingly, these price dips have yet to hit the retail street market, as the retail fuel prices are still relatively high at a current average of $3.84/gal & $4.38/gal for diesel. We should see prices continue to fall on the wholesale market as oil prices are low, inventories are high, and demand has been consistent.

Fuel prices jumped again this week due to the shutdown of the Olympic Pipeline. Supply of gasoline was very tight throughout the PNW over the holiday week due to the Pipeline shutdown. Rack averages for E10 in Portland jumped over $0.09/gal while rack averages for B5 & B20 diesel jumped $0.05/gal. As of 12/01, the Pipeline is back to full operation and is supplying throughout the PNW. With the pipeline back in operation, WTI crude being below $60/barrel, and the winter blend of fuel on the market, fuel prices should fall slightly this week and continue to do so in the weeks ahead. The national average price for gasoline reached its lowest point since 2021 last week at $2.83/gal, although prices are still quite a bit higher in Washington, Oregon & California—still, a good sign for fuel prices in the weeks ahead.