Fuel Market Report: Nov 3rd – Nov 9th, 2024
Wholesale Price Average 11/9/24
| Wholesale Low | Wholesale Avg | |
|---|---|---|
| E10 | $2.05 | $2.18 |
| B5 | $2.38 | $2.49 |
| B20 | $2.36 | $2.45 |
Average Retail Prices 11/9/24
| National | Oregon | Washington | |
|---|---|---|---|
| E10 | $3.08 | $3.58 | $4.02 |
| B5 | $3.54 | $3.86 | $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 price changes were minimal this past week as E10, B5 & B20 moved a penny or less per gal on their rack average price. Retail prices saw similar movement as most prices stayed the same or moved by a penny or less. Crude oil prices dropped this past week as well keeping fuel prices low. Gas prices are about $0.30/gal lower than a year ago today.
President-Elect Donald Trump has already announced some of his key focuses for his first 100 days in office with US oil and gas production being one of his main talking points. The United States produced more oil and gas than ever before in history this year, although most production is being sold internationally. Time will tell how effective the proposed policies will be on the overall price of energy domestically.
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 $70 this past week, at a current price of $68.14/barrel. This is $3.30 lower than it was last 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 $68.14/barrel compared to $71.44/barrel, last week and $80 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.
