2022 Oregon Gas Price News

The latest news on local, regional, and national gas and fuel prices for Oregonians

Updated 1/18/2022

Climbing Crude Oil Prices Send Pump Prices Higher Despite Lower Demand for Gas

PORTLAND, Ore., – Crude oil prices have surged to around $85 per barrel, and the rising crude prices are  elevating gas prices higher at a time of year when they are usually at seasonal lows. For the week, the national average for regular climbs a penny to $3.31 a gallon. The Oregon average adds two cents to $3.92.

National State Local Gas Prices 1-18-22

The Oregon average is now at its highest price since July 2014. The national average is at its highest price since December 2021.

Crude oil has surged to around $85 a barrel, fueled by the perception that the COVID-19 Omicron variant may ebb, allowing the world’s economic engines to kick into high gear. The potential increase in oil demand, coupled with lagging crude production, will only increase prices. Since the price of oil accounts for roughly half of what consumers pay at the pump, higher oil costs usually translate into higher fuel costs.

“Since December 1, crude oil has climbed from the mid-$60s to the mid-$80s,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The driving factor is global optimism, whether well-founded or not, that the worst of the pandemic may be in the rear view mirror.”

U.S. gasoline demand decreased from 8.17 million b/d to 7.91 million b/d. Winter weather and the COVID-19 omicron variant are the likely reasons behind this recent demand dip. Total domestic gasoline stocks rose by 7.9 million bbl to 240.7 million bbl last week, according to the U.S. Energy Information Administration (EIA). Typically, pump prices decline due to lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. As oil prices continue to climb, pump prices will likely follow suit.

With the surge of the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Visit AAA.com/covidmap for an interactive map with the latest travel restrictions and policies for North America. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 26 states and the District of Columbia with higher prices now than a week ago. Iowa (+6 cents) has the largest weekly increase in the nation. Ohio (-5 cents) has the largest week-over-week decline.

California ($4.65) and Hawaii ($4.33) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon, while 42 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Texas ($2.95) and Mississippi ($2.95). They are among eight states that have averages below $3 a gallon. For the 54th week in a row, no state has an average below $2 a gallon.

Oregon is one of 20 states and the District of Columbia with higher prices now than a month ago. The national average is one-half cent more and the Oregon average is 15 cents more than a month ago. This is the largest monthly increase in the nation. Utah (-15 cents) has the largest month-over-month decrease.

All 50 states and the District of Columbia have higher prices now than a year ago, and 17 states have a current average that’s a dollar or more higher than a year ago. The national average is 93 cents more and the Oregon average is $1.25 more than a year ago. This is the third-largest yearly increase in the nation. California (+$1.30) has the biggest yearly increase. Ohio (+73 cents) has the smallest year-over-year increase.

West Coast

 The West Coast region continues to have the most expensive pump prices in the nation with all seven states in the region in the top 10.

Rank Region Price on    1/18/22
1 California $4.65
2 Hawaii $4.33
3 Washington $3.96
4 Oregon $3.92
5 Nevada $3.81
6 Alaska $3.76
7 Arizona $3.58
8 Idaho $3.55
9 Pennsylvania $3.52
10 District of Columbia $3.51

California is the most expensive state for the 52nd  week in a row with Hawaii, Washington, Oregon, Nevada, Alaska, and Arizona rounding out the top seven. Oregon is fourth for the second week in a row.

Oregon (+2 cents), Washington (+2 cents), Alaska (+1 cent) are seeing week-over-week increases. Oregon has the largest weekly gain in the region. Arizona (-1 cent), Hawaii (-1/2 cent), California (-1/2 cent), and Nevada (-1/2 cent) have week-over-week declines.

The refinery utilization rate on the West Coast dropped from 82.2% to 76.2% for the week ending January 7. The rate had ranged between 82% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 28.87 million bbl to 30.74 million bbl.

Oil market dynamics

Crude prices rose last week after the EIA reported that total domestic crude stocks decreased by 4.6 million bbl to 413.3 million bbl. The current stock level is approximately 14.3 percent lower than during the first week of January 2021, contributing to pressure on domestic crude prices. For this week, crude prices could continue to climb if EIA’s next report shows another decrease in total inventory.

At the close of Friday’s formal trading session, WTI increased by $1.70 to settle at $83.82. Today crude is trading around $85, compared to $81 a week ago. Crude prices are about $30 more than a year ago.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

National Gas Price Comparison 1-18-22

Diesel

For the week, the national average gains three cents to $3.62 a gallon. Oregon’s average shoots up eight cents to $4.06. A year ago the national average for diesel was $2.63 and the Oregon average was $2.75.

Find current fuel prices at GasPrices.AAA.com.

AAA news releases, high resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at NewsRoom.AAA.com.

Find local news releases at https://oregon.aaa.com/community/media/media-contacts.html

Fuel prices are updated daily at AAA’s Daily Fuel Gauge at AAA Gas Prices. For more info go www.AAA.com.  AAA Oregon/Idaho provides more than 850,000 members with travel, insurance, financial and automotive-related services, and is an affiliate of AAA National, serving more than 62 million motorists in North America.

 

Updated 1/11/2022

Pump Prices Climb due to Rising Crude Prices, Refinery Issues

Oregon has fifth-largest weekly jump in the country

PORTLAND, Ore., – Gas prices are moving higher, driven primarily by a jump in crude oil prices. Some refinery and distribution issues in the Pacific Northwest are causing prices here to rise faster than the national average. For the week, the national average for regular climbs a penny to $3.30 a gallon. The Oregon average jumps seven cents to $3.90. This is the fifth-largest weekly jump of a state average in the nation.

National State Local Gas Prices 1-11-22

The Oregon average is now at its highest price since August 2014. The national average is at its highest price since December 2021.

Crude oil has surged to $80 a barrel. Events on the far side of the globe are fueling the recent rise. Social unrest and violence in Kazakhstan, a member of the OPEC+ alliance, have forced that nation to cut production. Before the recent flare-up of violence, Kazakhstan pumped nearly 2 million barrels of crude a day. In contrast, the United States, as the top oil-producing country in the world, pumped an average of 18.6 million barrels a day.

“Since the global price for oil accounts for nearly half of what consumers pay at the pump, higher oil costs will usually result in higher gasoline costs,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Markets, in general, don’t like uncertainty and volatility, and the oil market is no exception. The oil production cuts by Kazakhstan demonstrate that in times of tight supply, it doesn’t take much to put upward pressure on the overall price of oil.”

Here in the Pacific Northwest, some refinery and distribution snags have led to some supply disruptions. At least two refineries including HollyFrontier Puget Sound and Phillips 66 Ferndale have reportedly had some issues, impacting Washington and Oregon. Weather has also played a role. Mountain snow has made traveling over the passes challenging, and flooding has impacted roads in Washington.

“The West Coast region tends to produce about as much gasoline as is consumed. So when refinery and distribution issues put a crimp in supplies, prices can climb in a hurry,” adds Dodds.

Crude oil ended 2021 at $75 per barrel, then rose above $79 on Jan. 6. Crude oil prices tumbled in late November from $84 per barrel to below $70 per barrel, due to fears of a global shutdown and decreased demand for oil caused by news of the Omicron variant.

U.S. gasoline demand decreased from 9.72 million b/d to 8.17 million b/d. Total domestic gasoline stocks rose by 10.1 million bbl to 232.8 million bbl last week, according to the U.S. Energy Information Administration (EIA). Typically, pump prices decline due to lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. As oil prices continue to climb near $80 a barrel, pump prices will likely follow suit.

With the surge of the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Visit AAA.com/covidmap for an interactive map with the latest travel restrictions and policies for North America. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 23 states and the District of Columbia with higher prices now than a week ago. Indiana (+15 cents) has the largest weekly increase in the nation. Oregon (+7 cents) has the fifth-largest weekly increase. Utah (-4 cents) has the largest week-over-week decline.

California ($4.65) and Hawaii ($4.34) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon, while 42 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Texas ($2.90) and Oklahoma ($2.92). They are among eight states that have averages below $3 a gallon. For the 53rd week in a row, no state has an average below $2 a gallon.

Oregon is one of only seven states and the District of Columbia with higher prices now than a month ago. The national average is three cents less and the Oregon average is 11 cents more than a month ago. This is the largest monthly increase in the nation. Arizona (-16 cents) has the largest month-over-month decrease.

All 50 states and the District of Columbia have higher prices now than a year ago, and 21 states have a current average that’s a dollar or more higher than a year ago. The national average is 98 cents more and the Oregon average is $1.26 more than a year ago. This is the fourth-largest yearly increase in the nation. California (+$1.36) has the biggest yearly increase. Kentucky (+76 cents) has the smallest year-over-year increase.

West Coast

 The West Coast region continues to have the most expensive pump prices in the nation with all seven states in the region in the top 10.

Rank Region Price on    1/11/22
1 California $4.65
2 Hawaii $4.34
3 Washington $3.94
4 Oregon $3.90
5 Nevada $3.82
6 Alaska $3.75
7 Arizona $3.60
8 Idaho $3.55
9 Pennsylvania $3.52
10 Connecticut $3.49

California is the most expensive state for the 51st week in a row with Hawaii, Washington, Oregon, Nevada, Alaska, and Arizona rounding out the top seven. Oregon moves up a spot to fourth after 13 weeks at fifth.

Oregon (+7 cents), Washington (+5 cents), Alaska (+4 cents) and Hawaii (+1 cent) are seeing week-over-week increases. Oregon (+7 cents) has the largest weekly gain in the region. Arizona (-2 cents), Nevada (-2 cents) and California (-1/2 cent) have week-over-week declines.

The refinery utilization rate on the West Coast decreased from 83.8% to 82.2% for the week ending December 31. The rate has ranged between 82% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 27.39 million bbl to 28.87 million bbl.

Oil market dynamics

Although crude oil prices moved lower on Friday due to contract pricing fluctuations at the beginning of the year and demand concerns over the COVID-19 omicron variant, crude prices increased overall last week after the EIA reported that total domestic crude stocks decreased by 2.1 million bbl last week to 417.9 million bbl. The current stock level is approximately 14 percent lower than at the end of December 2020, contributing to pressure on domestic crude prices. For this week, crude prices could continue to climb if EIA’s next report shows another inventory decline.

At the close of Friday’s formal trading session, WTI decreased by 56 cents to settle at $78.90. At the close of Monday’s formal trading session, WTI fell 67 cents to close at $78.23. Today crude is trading around $81, compared to $77 a week ago. Crude prices are about $26 more than a year ago.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

National Gas Price Comparison 1-10-22

Diesel

For the week, the national average adds a penny to $3.59 a gallon. Oregon’s average shoots up 11 cents to $3.98. A year ago the national average for diesel was $2.59 and the Oregon average was $2.73.

Find current fuel prices at GasPrices.AAA.com.

AAA news releases, high resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at NewsRoom.AAA.com.

Find local news releases at https://oregon.aaa.com/community/media/media-contacts.html

Fuel prices are updated daily at AAA’s Daily Fuel Gauge at AAA Gas Prices. For more info go www.AAA.com.  AAA Oregon/Idaho provides more than 850,000 members with travel, insurance, financial and automotive-related services, and is an affiliate of AAA National, serving more than 62 million motorists in North America.

 

Updated 1/4/2022

Refinery, Distribution, Weather Issues Send Pump Prices Higher

Oregon has largest weekly jump in the country

PORTLAND, Ore., – A refinery fire in Texas and some distribution snags in the Pacific Northwest are putting upward pressure on pump prices as 2022 begins. For the week, the national average for regular edges up half a cent to $3.29 a gallon. The Oregon average shoots up six cents to $3.83. This is the largest weekly jump in the nation.

Oregon Gas Price Comparison - 1.4.22

A pre-Christmas fire at the Exxon Mobil Corp plant in Baytown, Texas, is causing reduced output. Recent reporting, however, indicates the damage was to a non-refining section of the complex. The plant is the nation’s fourth-biggest oil refinery, with the capacity to process 560,500 barrels per day of crude.

Here in the Pacific Northwest, some issues at terminals in the Portland area as well as winter weather shutting down mountain passes have created tight supplies, causing retail pump prices to rise.

“In addition to the refinery and terminal issues, the Omicron variant is also influencing oil and fuel prices, as fears of the economic impact create uncertainty,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Investors worry that the surge in COVID-19 cases due to the Omicron variant will lead to reduced future global oil consumption.”

Crude oil dropped to $68 per barrel on Dec. 20, then climbed above $75 per barrel on Dec. 27 and has remained above that benchmark since then. Crude oil prices tumbled in late November from $84 per barrel to below $70 per barrel, due to fears of a global shutdown and decreased demand for oil caused by news of the Omicron variant.

U.S. gasoline demand increased from 8.99 million b/d to 9.72 million b/d. Total domestic gasoline stocks decreased slightly by 1.5 million bbl to 222.7 million bbl last week, according to the U.S. Energy Information Administration (EIA). Growing demand and tight supply would support more significant increases in pump prices, but fluctuations in the price of crude oil have helped to limit price increases. If oil prices climb, pump prices will likely follow suit.

With the surge of the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Visit AAA.com/covidmap for an interactive map with the latest travel restrictions and policies for North America. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 22 states and the District of Columbia with higher prices now than a week ago. Oregon (+6 cents) has the largest weekly increase in the nation. Arizona (-4 cents) has the largest week-over-week decline.

California ($4.66) and Hawaii ($4.33) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon, while 39 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Oklahoma ($2.89) and Texas ($2.91). They are among 11 states that have averages below $3 a gallon. For the 52nd week in a row, no state has an average below $2 a gallon.

Oregon and Washington are the only two states that have higher prices now than a month ago. The national average is eight cents less and the Oregon average is four cents more than a month ago. Michigan (-17 cents) has the largest month-over-month decrease.

All 50 states and the District of Columbia have higher prices now than a year ago, and 26 states and D.C.  have a current average that’s a dollar or more higher than a year ago. The national average is $1.03 more and the Oregon average is $1.22 more than a year ago. This is the sixth-largest yearly increase in the nation. California (+$1.41) has the biggest yearly increase. Ohio (+82 cents) has the smallest year-over-year increase.

West Coast

 The West Coast region continues to have the most expensive pump prices in the nation with all seven states in the region in the top 10.

Rank Region Price on    1/4/22
1 California $4.66
2 Hawaii $4.33
3 Washington $3.89
4 Nevada $3.84
5 Oregon $3.83
6 Alaska $3.71
7 Arizona $3.62
8 Idaho $3.57
9 Pennsylvania $3.53
10 Connecticut $3.50

California is the most expensive state for the 50th week in a row with Hawaii, Washington, Nevada, Oregon, Alaska, and Arizona rounding out the top seven. Oregon is fifth for the 13th week in a row.

Four of the seven states in the region are seeing week-over-week increases. Oregon (+6 cents) has the largest weekly gain in the region and the country. Arizona (-4 cents) has the largest week-over-week decline in the region and the country.

The refinery utilization rate on the West Coast decreased from 84.3% to 83.8% for the week ending December 24. The rate has ranged between 82% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 28.24 million bbl to 27.39 million bbl.

Oil market dynamics

 Despite demand concerns over the omicron variant of COVID-19, crude prices have increased since the EIA reported that total domestic oil stocks decreased by 3.6 million bbl last week to 420 million bbl. The current stock level is 14.9 percent lower than at the end of December 2020, contributing to domestic crude prices. This week, prices could continue to climb if EIA’s next weekly report shows another decrease in total stocks.

At the close of Friday’s formal trading session, WTI decreased by $1.78 to settle at $75.21. At the close of Monday’s formal trading session, WTI added 87 cents to close at $76.08. Today crude is trading around $77, compared to $76 a week ago. Crude prices are about $28 more than a year ago.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

National Gas Price Comparison 1-4-22

Diesel

For the week, the national average holds steady at $3.57 a gallon. Oregon’s average jumps six cents to $3.87. A year ago the national average for diesel was $2.57 and the Oregon average was $2.73.

Find current fuel prices at GasPrices.AAA.com.

AAA news releases, high resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at NewsRoom.AAA.com.

Find local news releases at https://oregon.aaa.com/community/media/media-contacts.html

Fuel prices are updated daily at AAA’s Daily Fuel Gauge at AAA Gas Prices. For more info go www.AAA.com.  AAA Oregon/Idaho provides more than 850,000 members with travel, insurance, financial and automotive-related services, and is an affiliate of AAA National, serving more than 62 million motorists in North America.

For an archive of AAA Oregon/Idaho gas price news, click here