Fuel Market Report: Oct 13th – Oct 19th, 2024
Wholesale Price Average 10/19/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.24 | $2.37 |
| B5 | $2.49 | $2.60 |
| B20 | $2.46 | $2.57 |
Copy of Average Retail Prices 10/12/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.20 | $3.67 | $4.07 |
| B5 | $3.60 | $3.94 | $4.38 |
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 as market concerns dwindled with the Long Shore man strike being resolved, oil prices still under $70, and political climates in the Middle East still in an imbalance. Rack averages for gasoline in Portland dropped $0.02/gal, while diesel dropped over $0.10/gal for both B5 & B20. Retail prices did not move much at all with prices only changing by $0.01/gal. Prices should continue to fall in the coming weeks after 2 straight weeks of unexpected price jumps. A major concern is the ongoing conflicts between Israel & Iran and how this will affect oil prices in the weeks ahead. Although this is an unknown many analysts fear it may spike oil prices heading into November.
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 is trading below $75 this past week, at a current price of $70.49/barrel. This is $3.62 lower than it was last week. Oil prices are still relatively low. With increased concerns of war in the Middle East, many fear oil prices may be bound to jump at any time but this has yet to happen.
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 $70.49/barrel compared to $74.11/barrel, last week and $81 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.
