Fuel Market Report: Nov 10th – Nov 16th, 2024
Wholesale Price Average 11/16/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $1.99 | $2.08 |
| B5 | $2.33 | $2.40 |
| B20 | $2.31 | $2.36 |
Average Retail Prices 11/16/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.07 | $3.54 | $3.99 |
| B5 | $3.53 | $3.86 | $4.34 |
Taxes
| Federal | State: OR | Local | State: WA | |
|---|---|---|---|---|
| Gas | $0.184 | $0.40 | $0-.13 | $0.494 |
| Diesel | $0.244 | $0.40 | $0-.13 | $0.494 |
Oregon Fuel Price Variance
Fuel Market News
Fuel prices dropped this past week with E10, B5 & B20 all down at least $0.09/gal. This marks the lowest average gas price in Oregon this year down $0.59/gal from a year ago today. These downward price shifts are a good sign for the region, which has higher fuel prices than nearly every other state. These trends should continue into the winter months as fuel prices have been relatively low for the last 3 months. There are some concerns of another hurricane ripping through the Gulf Coast which would affect oil production and distribution throughout the country but this is ultimately an unknown factor. Hurricane season typically goes from June through November and current reports do not show any natural disasters in the Gulf Region anytime soon.
Important Note: Per the City Of Portland, “Distributors in the City of Portland are required to meet the minimum biofuel content requirements for all fuel they distribute beginning on May 15, 2024. All diesel fuel distributed to retail stations, non-retail dealers, or wholesale purchaser-consumers must include a minimum of 15% biofuel content, from either renewable diesel or biodiesel. This requirement increases to 50% on May 15, 2026, and 99% on May 15, 2030”.
Crude oil traded just below $70 this past week, at a current price of $69.21/barrel. This is $1.07 higher than it was last week. Crude oil has been hovering around $68 – $72 over the last month so this bump is not any reason for concern.
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 $69.21/barrel compared to $68.14/barrel, last week and $79 a year ago.
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.
