Fuel Market Report: Aug 25th – Aug 31st, 2024
Wholesale Price Average
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.26 | $2.32 |
| B5 | $2.54 | $2.65 |
| B20 | $2.52 | $2.61 |
Average Retail Prices
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.32 | $3.77 | $4.16 |
| B5 | $3.68 | $3.95 | $4.41 |
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
Prices jumped across the board this past week, as gas and diesel both went up in price on their rack averages. Rack averages for E10 jumped $0.05/gal while B5 & B20 jumped $0.04/gal. The Labor Day weekend didn’t see much of a price jump compared to years past. Current retail prices are nearly a dollar lower than they were last year. With low demands, fuel prices stayed low throughout the summer. This month the winter blend of fuel will come back to the market, likely seeing an uptick in price.
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 $80 for the seventh time in ten weeks, at a current price of $74.81/barrel, $4.14 lower than last week, as oil prices trended downward this past week.
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 $70.67/barrel compared to $74.81/barrel, last week and $75 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.
