2022 Oregon Gas Price News

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

Updated 8/9/2022

Gas Prices Slide but not Enough to Lure Drivers to Fill Up

Falling crude prices and demand, rising stocks send pump prices lower

PORTLAND, Ore., – Pump prices continue to fall in the heart of the summer driving season. But the lower pump prices are not enticing drivers to fuel up. The seasonally low demand for gas along with declining crude oil prices are putting downward pressure on pump prices. For the week, the national average for regular slides 16 cents to $4.03 a gallon. The Oregon average loses 14 cents to $4.91.

National State Local Gas Prices 8-9-22

The national average reached its record high of $5.016 on June 14 while the Oregon average reached its record high of $5.548 on June 15. Both averages have been steadily declining since then. The Oregon average fell below $5 last Friday (August 5); it rose above $5 a gallon for the first time on May 16.

“For now, it appears that Americans continue to drive less due to the elevated fuel prices. Couple that with lower crude oil prices and that should lead to continued declines at the pumps. The national average is now poised to fall below $4 a gallon this week for the first time since early March,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

A recent survey from AAA showed that Americans have changed their driving habits to cope with high gas prices. Almost two-thirds (64%) of U.S. adults have changed their driving habits or lifestyle since March, with 23% making “major changes.” Drivers’ top three changes to offs high gas prices are driving less, combining errands, and reducing shopping or dining out. Other changes include delaying major purchases, postponing vacations and saving less money.

Find complete results in the AAA consumer gas price survey news release.

The national and Oregon averages for regular gas have been falling since mid-June with this week marking the eighth consecutive week of declines. The major drivers of lower pump prices have been falling crude oil prices and a few weeks of seasonally low demand for gas.

Demand for gasoline in the U.S. dropped from 9.25 million b/d to 8.54 million b/d last week. The rate is 1.24 million b/d lower than last year and is in line with the need at the end of July 2020, when COVID-19 restrictions were in place and fewer drivers hit the road. Additionally, the total domestic gasoline supply rose slightly by 200,000 bbl to 225.3 million bbl. If gas demand remains low and the supply continues to increase alongside falling oil prices, drivers will likely continue to see pump prices drop.

Crude oil prices continue to fall due to fears of economic slowdowns elsewhere around the globe. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 in July. This month, crude has fallen below $90 per barrel. Crude prices rose dramatically leading up to and in the first few months of Russia’s invasion of Ukraine. Russia is one of the world’s top oil producers and its involvement in a war causes market volatility. Also, tight global supplies put upward pressure on crude prices as demand for oil increased as pandemic restrictions eased. A year ago, crude was around $66 per barrel compared to $91 today.

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Consumers can still enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.06, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago, and 46 states, including Oregon, have double-digit declines. The District of Columbia (-25 cents) has the largest weekly drop. Hawaii (-2 cents) has the smallest.

California ($5.42) is the most expensive state and is one of only two states with an average at or above $5 a gallon, down from five states a week ago. Hawaii ($5.42) is the only other state with an average at or above $5. This week 26 states, including Oregon, and the District of Columbia have averages at or above $4, and 24 states have averages in the $3-range.

The cheapest gas in the nation is in Texas ($3.54) and Arkansas ($3.57). For the 83rd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 66 cents less and the Oregon average is 50 cents less than a month ago. Oregon has the 39th-largest monthly decrease in the nation. Ohio (-90 cents) has the largest monthly drop. Hawaii (-2 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. The national average is 84 cents more and the Oregon average is $1.15 more than a year ago. This is the 9th-largest yearly increase in the nation. Hawaii (+$1.34) has the biggest yearly increase. Colorado (+50 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 six of the seven states in the top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced. In addition, this region is located relatively far from parts of the country where oil drilling, production and refining occurs, so transportation costs are higher. And environmental programs in this region add to the cost of production, storage and distribution.

Rank Region Price on    8/9/22
1 California $5.42
2 Hawaii $5.42
3 Alaska $4.97
4 Nevada $4.96
5 Oregon $4.91
6 Washington $4.84
7 Idaho $4.78
8 Utah $4.71
9 Maine $4.44
10 New York $4.41

California is the most expensive state for the 81st week in a row with Hawaii, Alaska, Nevada, Oregon, and Washington rounding out the top six. Arizona is 18th. Oregon is fifth for the second week in a row.

Like the rest of the country, all seven states in the region are seeing week-over-week drops. Arizona (-22 cents) has the largest weekly drop in the region. Hawaii (-2 cents) has the smallest weekly decline in the region and the nation.

The refinery utilization rate on the West Coast decreased from 82.5% to 80.1% for the week ending July 29. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 30.17 million bbl to 30.19 million bbl.

Oil market dynamics

Although crude prices made slight gains on Friday due to a strong U.S. jobs report for July, they saw significant declines throughout the week as a result of continuing market concern that demand will decline if economic growth stalls or reverses course. Prices have not been this low since mid-February 2022—before Russia invaded Ukraine. Additionally, EIA reported that total domestic crude supply increased by 4.5 million bbl to 426.6 million bbl. The sharp inventory increase, during the usually high-demand summer driving season, signals low demand could continue pushing prices lower. For this week, crude prices could continue to decline if demand concerns persist.

At the close of Friday’s formal trading session, WTI increased by 47 cents to settle at $89.01. At the close of Monday’s formal trading session, WTI added $1.75 to close at $90.76. Today crude is trading around $89, compared to $94 a week ago. Crude prices are about $23 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 8-8-22

Diesel

For the week, the national average loses 14 cents to $5.12 a gallon. The record high is $5.816 set on June 19. Oregon’s average falls 17 cents to $5.83. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.30 and the Oregon average was $3.67.

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 8/2/2022

Pump Prices Fall for Seventh Consecutive Week

Will rising demand put the brakes on declines?

PORTLAND, Ore., – Gas prices continue to slide with 39 states, including Oregon, seeing double-digit decreases this week. But an uptick in gas demand as more people fuel up could slow or even end the steady declines in pump prices. For the week, the national average for regular tumbles 14 cents to $4.19 a gallon. The Oregon average slides a dime to $5.05.

National State Local Gas Prices 8-2-22

The national average reached its record high of $5.016 on June 14 while the Oregon average reached its record high of $5.548 on June 15. Both averages have been steadily declining since then.

“A recent survey from AAA showed that Americans have changed their driving habits to cope with high gas prices. Now with gas below $4 a gallon at nearly half of the gas stations around the country, increasing demand could slow or even end the daily gas price declines,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

The consumer survey from AAA shows that drivers are making significant changes to cope with high pump prices. Almost two-thirds (64%) of U.S. adults have changed their driving habits or lifestyle since March, with 23% making “major changes.” Drivers’ top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out. Other changes include delaying major purchases, postponing vacations and saving less money.

Find complete results in the AAA consumer gas price survey news release.

The national and Oregon averages for regular gas have been falling since mid-June with this week marking the seventh consecutive week of declines. The major drivers of lower pump prices have been falling crude oil prices and a few weeks of seasonally low demand for gas.

Demand for gasoline in the U.S. rose from 8.52 million b/d to 9.25 million b/d last week. The estimated rate is 80,000 b/d lower than last year, but it could slow pump price decreases if the trend holds. Additionally, total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, signaling that higher demand reduced inventory last week.

Crude oil reached a recent high of $122.11 per barrel on June 8, then has been between $93 and $105 per barrel since July 5. Still, crude prices remain higher than a year ago due to tight global supplies and the Russian invasion of Ukraine. Russia is one of the world’s top oil producers and its involvement in a war causes market volatility. A year ago, crude was around $71 per barrel compared to $96 today.

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Consumers can still enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.21, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago, and 39 states, including Oregon, have double-digit declines. Colorado (-22 cents) has the largest weekly drop. Connecticut (-3 cents) has the smallest.

California ($5.59) is the most expensive state. There are five states, including Oregon, with averages at or above $5, down from seven states a week ago. This week 31 states and the District of Columbia have averages at or above $4, and 19 states have averages in the $3-range.

The cheapest gas in the nation is in Texas ($3.69) and South Carolina ($3.71). For the 82nd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 63 cents less and the Oregon average is 42 cents less than a month ago. Oregon has the 6th-smallest monthly decrease in the nation. Ohio (-85 cents) has the largest monthly drop. Hawaii (-17 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s at least 77 cents a gallon higher than a year ago. The national average is $1.01 more and the Oregon average is $1.31 more than a year ago. This is the 9th-largest yearly increase in the nation. Maine (+$1.45) has the biggest yearly increase. Georgia (+77 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 six of the seven states in the top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced. In addition, this region is located relatively far from parts of the country where oil drilling, production and refining occurs, so transportation costs are higher. And environmental programs in this region add to the cost of production, storage and distribution.

Rank Region Price on    8/2/22
1 California $5.59
2 Hawaii $5.44
3 Alaska $5.08
4 Nevada $5.06
5 Oregon $5.05
6 Washington $4.99
7 Idaho $4.89
8 Utah $4.80
9 Illinois $4.60
10 Maine $4.57

California is the most expensive state for the 80th week in a row with Hawaii, Alaska, Nevada, Oregon, and Washington rounding out the top six. Arizona is 14th. Oregon slips to fifth after three weeks at fourth.

Like the rest of the country, all seven states in the region are seeing week-over-week drops. Arizona (-18 cents) has the largest weekly drop in the region. Hawaii (-7 cents) has the smallest weekly decline in the region.

The refinery utilization rate on the West Coast increased from 81.5% to 82.5% for the week ending July 22. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 31.49 million bbl to 30.17 million bbl.

Oil market dynamics

Crude prices increased last week as market concerns about weakening demand this summer eased after the EIA reported that total domestic crude stocks decreased by 4.5 million bbl to 422.1 million bbl last week, 13.5 million bbl lower than the storage level at the end of July 2021. Additionally, crude prices rose after the market adjusted its expectations for supply since the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group also known as OPEC+, will most likely announce its output will remain unchanged for September at its videoconference meeting on August 3. For this week, crude prices fell Monday due to continued concerns about global demand.

At the close of Friday’s formal trading session, WTI increased by $2.20 to settle at $98.62. At the close of Monday’s formal trading session, WTI fell $4.73 to close at $93.89. Today crude is trading around $96, compared to $95 a week ago. Crude prices are about $20 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 8-1-22

Diesel

For the week, the national average loses 13 cents to $5.26 a gallon. The record high is $5.816 set on June 19. Oregon’s average falls 17 cents to $6.00. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.29 and the Oregon average was $3.64.

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 7/26/2022

Sixth Week in a Row of Falling Pump Prices

Declines driven by lower crude prices, lackluster demand

PORTLAND, Ore., – Gas prices have been steadily falling since mid-June with this week marking the sixth consecutive week of declines for the national and Oregon averages. Pump prices are down week-over-week in all 50 states due to lower crude oil prices and lackluster demand for gasoline in the U.S. For the week, the national average for regular slides 17 cents to $4.33 a gallon. The Oregon average drops 12 cents to $5.15.

National State Local Gas Prices 7-26-22

The national average reached its record high of $5.016 on June 14 while the Oregon average reached its record high of $5.548 on June 15. Both averages have been steadily declining since then.

“Consumers appear to be filling up less at a time of year when demand is usually robust. The seasonally low demand combined with crude oil prices remaining below $100 per barrel are putting downward pressure on pump prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

A new consumer survey from AAA shows that drivers are making significant changes to cope with high pump prices. Almost two-thirds (64%) of U.S. adults have changed their driving habits or lifestyle since March, with 23% making “major changes.” Drivers’ top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out. Other changes include delaying major purchases, postponing vacations and saving less money.

Find complete results in the AAA consumer gas price survey news release.

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude oil reached a recent high of $122.11 per barrel on June 8, then has been between $94 and $105 per barrel since July 5. Still, crude prices remain higher than a year ago due to tight global supplies and the Russian invasion of Ukraine. A year ago, crude was around $72 per barrel compared to $95 today.

Demand for gasoline in the U.S. rose slightly from 8.06 million b/d to 8.52 million b/d. However, that’s 800,000 b/d lower than last year and is in line with demand during the middle of July 2020, when COVID-19 restrictions curbed demand. Total domestic gas stocks increased by 3.5 million bbl to 228.4 million bbl for the week ending 15, according to the U.S. Energy Information Administration (EIA). This signals that low demand led to growth in inventory last week. If gas demand remains low as stocks increase, alongside a continuing reduction in crude prices, drivers will likely continue to see pump prices decline.

Consumers can still enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.36, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago, and 48 states have double-digit declines. Kansas (-28 cents) has the largest weekly drop. The District of Columbia (-8 cents) has the smallest.

California ($5.71) is the most expensive state. There are seven states, including Oregon, with averages at or above $5, down from eight states a week ago. This week 39 states and the District of Columbia have averages at or above $4, and 11 states have averages in the $3-range.

The cheapest gas in the nation is in Texas ($3.83) and South Carolina ($3.84). For the 81st week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 57 cents less and the Oregon average is 35 cents less than a month ago. Oregon has the 6th-smallest monthly decrease in the nation. Ohio (-76 cents) has the largest monthly drop. Hawaii (-7 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s at least 90 cents a gallon higher than a year ago. The national average is $1.17 more and the Oregon average is $1.44 more than a year ago. This is the 7th-largest yearly increase in the nation. Alaska (+$1.58) has the biggest yearly increase. Georgia (+90 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced. In addition, this region is located relatively far from parts of the country where oil drilling, production and refining occurs, so transportation costs are higher. And environmental programs in this region add to the cost of production, storage and distribution.

Rank Region Price on    7/26/22
1 California $5.71
2 Hawaii $5.50
3 Alaska $5.21
4 Oregon $5.15
5 Nevada $5.13
6 Washington $5.10
7 Idaho $5.00
8 Utah $4.91
9 Illinois $4.79
10 Arizona $4.65

California is the most expensive state for the 79th week in a row with Hawaii, Alaska, Oregon, Nevada, and Washington rounding out the top six. Arizona is 10th. Oregon is fourth for the third week in a row.

Like the rest of the country, all seven states in the region are seeing week-over-week drops. California (-19 cents) has the largest weekly drop in the region. Hawaii (-2 cents) has the smallest weekly decline in the region and nation.

The refinery utilization rate on the West Coast fell from 83.5% to 81.5% for the week ending July 15. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 30.07 million bbl to 31.49 million bbl.

Oil market dynamics

Crude prices declined last week as the market continues to worry that weak demand, which was expected to remain robust throughout the summer, could continue to push prices lower. A strengthening dollar also helped to push crude prices lower last week. For this week, crude prices could continue to decline if demand concerns persist. Additionally, EIA reported that total domestic crude stocks decreased by 500,000 bbl to 426.6 million bbl, just over 13 million bbl lower than the storage level in mid-July 2021.

At the close of Friday’s formal trading session, WTI decreased by $1.65 to settle at $94.70. At the close of Monday’s formal trading session, WTI added $2.00 to close at $96.70. Today crude is trading around $97, compared to $104 a week ago. Crude prices are about $25 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 7-26-22

Diesel

For the week, the national average loses 13 cents to $5.39 a gallon. This is about 43 cents lower than the record high of $5.816 set on June 19. Oregon’s average falls 16 cents to $6.17. The is 30 cents below the record high of $6.47 set on July 3. A year ago the national average for diesel was $3.27 and the Oregon average was $3.61.

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 7/19/2022

Fifth Consecutive Week of Falling Pump Prices

Lower Crude Prices, Shrinking Demand fuel Declines

PORTLAND, Ore., – Gas prices are down for the fifth week in a row, with declines driven by lower crude oil prices and shrinking demand for gasoline in the U.S. Pump prices are down in all 50 states and most are seeing double-digit decreases. For the week, the national average for regular drops 16 cents to $4.50 a gallon. The Oregon average falls 12 cents to $5.27.

National State Local Gas Prices 7-19-22

“Lower crude oil prices are a major driver of falling pump prices. Crude oil reached a recent high of $122.11 per barrel on June 8, then fell below $100 per barrel last week,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Another factor putting downward pressure on pump prices is lower domestic demand for gas, despite being in the heart of the summer driving season.”

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude prices remain higher than a year ago due to tight global supplies and the Russian invasion of Ukraine. A year ago, crude was around $66 per barrel compared to $98 today.

Demand for gasoline in the U.S. tumbled from 9.41 million b/d to 8.06 million b/d. Total domestic gas stocks increased by 5.8 million bbl. for the week ending July 8, according to the U.S. Energy Information Administration (EIA). The decrease in demand and declining oil prices have helped push pump prices down. If these supply and demand dynamics hold, drivers will likely continue to see price relief at the pump.

The EIA also reports that based on weekly estimates in its Weekly Petroleum Status Report, less gasoline has been consumed in the U.S. during the second quarter of 2022 and early July than during the same period in 2021. The latest Petroleum Supply Monthly confirms the trend, which shows that U.S. gasoline consumption (measured as product supplied) averaged 8.8 million b/d this April, or 0.4% less than during April 2021.

Consumers can still enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.68, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago, and 45 states and D.C. have double-digit declines. Ohio (-21 cents) has the largest weekly drop. Hawaii (-2 cents) has the smallest.

California ($5.87) is the most expensive state but this week the California average has dropped below $6 a gallon for the first time since May 17. California is the only state to ever have an average above $6 a gallon. There are eight states, including Oregon, with averages at or above $5, down from nine states a week ago. This week one state, South Carolina ($3.99) has an average below $4 a gallon.

The cheapest gas in the nation is in South Carolina ($3.99) and Texas ($4.00). For the 80th week in a row, no state has an average below $2 a gallon.

Oregon is one of 49 states and the District of Columbia with lower prices now than a month ago. The national average is 49 cents less and the Oregon average is 28 cents less than a month ago. Oregon has the 7th-smallest monthly decrease in the nation. Texas (-65 cents) has the largest monthly drop. Idaho (-6 cents) has the smallest month-over-month decline. Hawaii (+4 cents) is the only state with a monthly increase.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s at least $1.04 a gallon higher than a year ago. The national average is $1.33 more and the Oregon average is $1.57 more than a year ago. This is the 6th-largest yearly increase in the nation. Alaska (+$1.68) has the biggest yearly increase. Georgia (+$1.04) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced. In addition, this region is located relatively far from parts of the country where oil drilling, production and refining occurs, so transportation costs are higher. And environmental programs in this region add to the cost of production, storage and distribution.

Rank Region Price on    7/19/22
1 California $5.87
2 Hawaii $5.60
3 Alaska $5.32
4 Oregon $5.27
5 Nevada $5.24
6 Washington $5.22
7 Idaho $5.11
8 Utah $5.04
9 Illinois $4.98
10 Arizona $4.81

California is the most expensive state for the 78th week in a row with Hawaii, Alaska, Oregon, Nevada, and Washington rounding out the top six. Arizona is 10th. Oregon is fourth for the second week in a row.

Like the rest of the country, all seven states in the region are seeing week-over-week drops. California (-19 cents) has the largest weekly drop in the region. Hawaii (-2 cents) has the smallest weekly decline in the region and nation.

The refinery utilization rate on the West Coast rose from 81.9% to 83.5% for the week ending July 8. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region are basically flat, going from 30.08 million bbl to 30.07 million bbl.

Oil market dynamics

 Crude prices increased slightly at the end of last week due to the market expecting crude supply to remain tight throughout summer. Tightening of supply is being driven by the potential for slower economic growth due to rising interest rates and inflation. Declining crude demand, due to reduced economic activity, could lead prices to follow suit. For this week, crude prices could rise if the market continues to believe supply will remain tight. Additionally, EIA reported that total domestic crude stocks increased by 3.3 million bbl to 427.1 million bbl last week, which is nearly 11 million bbl lower than the storage level last year.

At the close of Friday’s formal trading session, WTI increased by $1.81 to settle at $97.59. At the close of Monday’s formal trading session, WTI added $5.01 to close at $102.60. Today crude is trading around $99, compared to $94 a week ago. Crude prices are about $31 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 7-18-22

Diesel

For the week, the national average falls 11 cents to $5.52 a gallon. This is about 30 cents lower than the record high of $5.816 set on June 19. Oregon’s average decreases nine cents to $6.33. This is 14 cents below the record high of $6.47 set on July 3. A year ago the national average for diesel was $3.28 and the Oregon average was $3.58.

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 7/12/2022

Pump Prices Fall for Fourth Consecutive Week

Lower Crude Oil Prices Help Bring Relief to Drivers

PORTLAND, Ore., – The global price of crude oil has fallen about 20% in the last month, putting downward pressure on gas prices. All 50 states are seeing decreases at the pumps, despite an increase in demand for gasoline. For the week, the national average for regular drops 14 cents to $4.66 a gallon. The Oregon average loses nine cents to $5.38.

National State Local Gas Prices 7-12-22

“Crude oil reached a recent high of $122.11 per barrel on June 8, and today is trading at the recent low of $97 per barrel. The drop in price is driving lower pump prices, even with a rise in demand seen ahead of the robust July 4th travel period,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. AAA projected record car travel for the holiday, with 42 million Americans driving to their Independence Day destinations.

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude prices remain higher than a year ago due to tight global supplies. A year ago, crude was around $74 per barrel compared to $97 today.

Demand for gasoline in the U.S. rose ahead of the July 4th holiday from 8.92 million b/d to 9.41 million b/d. Total domestic gas stocks decreased by 2.5 million bbl. for the week ending July 1, according to the U.S. Energy Information Administration (EIA). Typically, an increase in demand and a decrease in supply would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices.

Consumers can still enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.68, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago. Texas (-19 cents) has the largest weekly drop. Hawaii (-1 cent) has the smallest.

California ($6.06) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are nine states, including Oregon, with averages at or above $5, down from 10 states a week ago. All states have averages at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($4.16) and South Carolina ($4.16). No states have averages below $3 a gallon. For the 79th week in a row, no state has an average below $2 a gallon.

Oregon is one of 46 states and the District of Columbia with lower prices now than a month ago. The national average is 36 cents less and the Oregon average is 16 cents less than a month ago. Oregon has the 5th-smallest monthly decrease in the nation. Indiana (-52 cents) has the largest monthly drop. Utah (+16 cents) has the largest month-over-month gain.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s at least $1.23 a gallon higher than a year ago. The national average is $1.51 more and the Oregon average is $1.71 more than a year ago. This is the 6th-largest yearly increase in the nation. Arizona (+$1.86) has the biggest yearly increase. Georgia (+$1.23) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced. In addition, this region is located relatively far from parts of the country where oil drilling, production and refining occurs, so transportation costs are higher. And environmental programs in this region add to the cost of production, storage and distribution.

Rank Region Price on    7/12/22
1 California $6.06
2 Hawaii $5.61
3 Alaska $5.46
4 Oregon $5.38
5 Nevada $5.38
6 Washington $5.34
7 Idaho $5.20
8 Utah $5.17
9 Illinois $5.13
10 Arizona $4.99

California is the most expensive state for the 77th week in a row with Hawaii, Alaska, Oregon, Nevada, and Washington rounding out the top six. Arizona is 10th. Oregon rises to fourth after two weeks at fifth.

California (-18 cents) has the largest weekly drop in the region. Hawaii (-1 cent) has the smallest weekly decline in the region and nation.

The refinery utilization rate on the West Coast fell from 84.5% to 81.9% for the week ending July 1. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 31.27 million bbl to 30.08 million bbl.

Oil market dynamics

Although the price of crude rose at the end of the week due to increased market optimism as markets rebounded, the price was still down nearly $4 per barrel from the previous week. For this week, crude prices continue to face strong headwinds as the market remains concerned that a potential recession will reduce demand for crude. If demand declines, crude prices will likely follow suit. Additionally, EIA reported that total domestic crude stocks increased by 8.2 million bbl to 423.8 million bbl, which is nearly 22 million bbl lower than the storage level one year ago.

At the close of Friday’s formal trading session, WTI increased by $2.06 to settle at $104.79. At the close of Monday’s formal trading session, WTI slipped 15 cents to close at $104.64. Today crude is trading around $96, compared to $100 a week ago. Crude prices are about $29 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 7-12-22

Diesel

For the week, the national average tumbles a dime to $5.63 a gallon. This is 19 cents lower than the record high of $5.816 set on June 19. Oregon’s average loses four cents to $6.42. This is a nickel below the record high of $6.47 set on July 3. A year ago the national average for diesel was $3.27 and the Oregon average was $3.55.

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 6/28/2022

Gas Prices Edge Lower for Second Consecutive Week ahead of Independence Day Holiday Travel

PORTLAND, Ore., – A drop in the global price of crude oil is helping gas prices fall for the second week in a row. Concerns about a potential global economic slowdown which would lead to less demand for oil put downward pressure on crude prices, and pump prices also moved lower. For the week, the national average for regular drops nine cents to $4.88 a gallon. The Oregon average dips three cents to $5.50.

National State Local Gas Prices 6-28-22

“Crude oil reached a recent high of $122.11 on June 8, then fell below $104 on June 22. The drop in price has led to slightly lower pump prices ahead of the 4th of July holiday,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

AAA projects the Independence Day holiday will see the second-highest travel volume on record, only behind 2019. Car travel will set a new record, despite elevated gas prices that are $1.50 to $2.15 a gallon higher than a year ago. Find all the details about Independence Day travel in the AAA 4th of July travel news release.

AAA Independence Day Travel Forecast 2022

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude prices remain much higher than a year ago due to tight global supplies. A year ago, crude was around $66 per barrel compared to $110 today.

Please note that a vital gas price indicator was unavailable to AAA for this week’s report. The U.S. Energy Information Administration (EIA) said it was delaying the release of gasoline demand data because of “systems issues.” Demand is a sign of whether motorists are fueling up or not, which in turn may be reflected in higher or lower pump prices. The EIA says data will be released tomorrow (June 29).  https://www.eia.gov/

On the bright side, consumers will once again enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.90, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

Oregon is one of 46 states and the District of Columbia with lower prices now than a week ago. Florida (-15 cents) has the largest weekly drop. Idaho (+4 cents) has the largest week-over-week gain, and is one of four states with increases.

California ($6.31) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are 12 states, including Oregon, and the District of Columbia with averages at or above $5, down from 15 states and D.C. a week ago. All states have averages at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($4.39) and Mississippi ($4.41). No states have averages below $3 a gallon. For the 77th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 28 cents more and the Oregon average is 32 cents more than a month ago. Oregon has the 26th-largest monthly jump in the nation. Colorado (+66 cents) has the largest monthly gain. New York (+3 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and four have a current average that’s at least $2 a gallon higher than a year ago. All other states have a current average that’s a $1.48 or more higher than a year ago. The national average is $1.78 more and the Oregon average is $1.93 more than a year ago. This is the 8th-largest yearly increase in the nation. Arizona (+$2.16) has the biggest yearly increase. Georgia (+$1.48) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    6/28/22
1 California $6.31
2 Nevada $5.58
3 Hawaii $5.57
4 Alaska $5.57
5 Oregon $5.50
6 Washington $5.49
7 Illinois $5.42
8 Arizona $5.28
9 Idaho $5.22
10 Utah $5.19

California is the most expensive state for the 75th week in a row with Nevada, Hawaii, Alaska, Oregon, and Washington rounding out the top six. Arizona is eighth. Oregon rises to fifth after two weeks at sixth.

The states in the West Coast region have small to moderate changes in gas prices this week. Arizona (-9) has the largest weekly drop in the region. Hawaii (+2 cents) is the only state in the region with a weekly increase.

Because of delays in data reporting at the EIA this week, there are no reports on the refinery utilization rate or total gas stocks.

Oil market dynamics

Although crude prices strengthened at the end of the week due to positive market sentiment after the stock market rallied, crude prices dropped earlier in the week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. For this week, crude prices have risen again to around $110 per barrel.

At the close of Friday’s formal trading session, WTI increased by $3.35 to settle at $107.62. At the close of Monday’s formal trading session, WTI added $1.95 to close at $109.57. Today crude is trading around $110, compared to $111 a week ago. Crude prices are about $37 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 6-27-22

Diesel

For the week, the national average drops two cents to $5.79 a gallon. This is just below the record high of $5.816 set on June 19. Oregon’s average shoots up 15 cents to $6.47. This is a record high. A year ago the national average for diesel was $3.24 and the Oregon average was $3.49.

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 6/21/2022

Gas Prices Back Away from Record Highs

National average dips below $5 a Gallon

PORTLAND, Ore., – Gas prices are stable or slipping in most states this week, including Oregon, as the cost of crude oil falls and U.S. demand for gas ticks lower. However, pump prices still remain near record highs.  For the week, the national average for regular falls a nickel to $4.97 a gallon. The Oregon average slips one-and-a-half cents to $5.53.

“The elevated gas prices may have led to a small drop in demand for gas in the U.S. as fewer drivers filled up their tanks last week. The dip in demand and falling crude oil prices have taken some steam out of skyrocketing pump prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The slight reduction in demand is happening right before drivers fill up for what AAA forecasts will be an extremely busy 4th of July holiday weekend.”

Find all the details about Independence Day travel in the AAA 4th of July travel news release.

Crude oil prices have fallen about $10 per barrel in the last week amid broad market concern regarding the potential for economic growth to slow after the U.S. Federal Reserve last week raised the interest rate by 0.75 percent. Slower than expected economic growth could cause crude demand to decline, leading prices to follow suit. However, the decline could be temporary because on a global scale, demand for oil outpaces tight supplies as the world emerges from the COVID-19 pandemic. A year ago, crude was around $65 per barrel compared to $109 today.

Crude oil is the main ingredient in gasoline and diesel, so pump prices are impacted by crude prices on the global markets. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Demand for gasoline in the U.S. edged lower from 9.2 million b/d to 9.09 b/d. Total domestic gasoline stocks decreased by 700,000 bbl to 217.5 million bbl last week according to the U.S. Energy Information Administration (EIA).

The slight drop in gas demand has helped to limit pump price increases. However, as crude oil prices remain volatile, and with demand expected to rise during the Independence Day holiday travel period, the price per gallon for gasoline will likely remain elevated.

But on the bright side, consumers will once again enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.98, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

Oregon is one of 41 states and the District of Columbia with lower prices now than a week ago. The District of Columbia (-13 cents) has the largest weekly drop.

California ($6.38) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are 15 states, including Oregon, and the District of Columbia with averages at or above $5, down from 21 states and D.C. a week ago. All states have averages at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($4.46) and Mississippi ($4.48). No states have averages below $3 a gallon. For the 76th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 38 cents more and the Oregon average is also 38 cents more than a month ago. Oregon has the 26th-largest monthly jump in the nation. Colorado (+78 cents) has the largest monthly gain. New York (+7 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and 11 states, including Oregon have a current average that’s at least $2 a gallon higher than a year ago. All other states have a current average that’s a $1.50 or more higher than a year ago. The national average is $1.90 more and the Oregon average is $2.05 more than a year ago. This is the 6th-largest yearly increase in the nation. Arizona (+$2.26) has the biggest yearly increase. Georgia (+$1.57) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    6/21/22
1 California $6.38
2 Nevada $5.64
3 Alaska $5.60
4 Hawaii $5.55
5 Washington $5.54
6 Oregon $5.53
7 Illinois $5.50
8 Arizona $5.37
9 Idaho $5.19
10 Utah $5.18

California is the most expensive state for the 74th week in a row with Nevada, Alaska, Hawaii, Washington, and Oregon rounding out the top six. Arizona is eighth. Oregon is sixth for the second week in a row.

The states in the West Coast region have small changes in gas prices this week. California (-6) has the largest weekly drop in the region. Alaska (+2 cents) has the largest weekly increase in the region.

The refinery utilization rate on the West Coast fell from 90% to 84.8% for the week ending June 10. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region ticked up from 31.37 million bbl to 31.41 million bbl.

Oil market dynamics

Crude oil prices fell last week and to start this week as concerns about slowing economic growth outweighed fears of tight global supplies. There’s broad market concern regarding the potential for economic growth to slow after the U.S. Federal Reserve raised interest rates by 0.75 percent. Slower than expected economic growth would likely lead to a decline in crude demand. Crude prices would likely follow suit. Additionally, crude prices decreased after the EIA reported that total domestic stocks increased by 1.9 million bbl to 418.7 million bbl. If EIA’s next report shows crude stocks increasing again, prices could decrease further.

At the close of Friday’s formal trading session, WTI tumbled $8.03 to settle at $109.56. U.S. markets were closed Monday for the federal holiday of Juneteenth. Today crude is trading around $109, compared to $119 a week ago. Crude prices are about $39 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.

Diesel

For the week, the national average gains four cents to $5.81 a gallon. This is just below the record high of $5.816 set on June 19. Oregon’s average shoots up 15 cents to $6.32. This is a record high. A year ago the national average for diesel was $3.23 and the Oregon average was $3.42.

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 6/14/2022

National Average Hits New All-Time High Above $5 a Gallon

Nearly half of all states now have averages at or above $5 a gallon

PORTLAND, Ore., – The cost of a barrel of oil remains about $120 per barrel, nearly double last August’s price, as increased demand for oil outpaces the tight global supply. Despite record high gas prices, demand for gasoline in the U.S. remains strong as the summer driving season ramps up. As a result, pump prices are up in all 50 states, and nearly half of all states have averages at or above $5 a gallon. For the week, the national average for regular jumps 10 cents to $5.02 a gallon. The Oregon average climbs eight cents to $5.54. These are both at record highs; in fact new record highs continue to be set almost daily.

National State Local Gas Prices 6-14-2022

“The skyrocketing pump prices have not caused demand for gas to drop. If prices remain above $5, we may start to see demand destruction if people change their daily driving habits, but it hasn’t happened yet. People seem eager to drive and take summer vacations after staying close to home for two years during the pandemic,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

All 50 states have averages above $4 a gallon and 21 states, including Oregon, and the District of Columbia have averages above $5. California remains the only state with an average above $6. The national and Oregon averages continue to set new record highs almost daily.

Crude oil prices are climbing because demand outpaces the tight global supply. Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration. A year ago, crude was around $64 per barrel compared to $118 today.

Demand for gasoline in the U.S. grew from 8.98 million b/d to 9.2 million b/d as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. Total domestic gasoline stocks decreased by 800,000 bbl to 218.2 million bbl last week according to the U.S. Energy Information Administration (EIA).

This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. Coupled with increasing crude oil prices, this means that the price of gas will likely remain elevated for the near future.

But on the bright side, consumers will once again enjoy a tasty AAA gas price–related treat courtesy of Krispy Kreme Doughnuts. Running every Wednesday through Labor Day, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $5.01, not including sales tax, and is available only in shop, drive-thru, or online pickup.

Quick stats

All 50 states and the District of Columbia have higher prices on the week, and 21 states and D.C. have double-digit increase. Montana (+23 cents) has the largest weekly increase. Wisconsin (+3 cents) has the smallest. Oregon (+8 cents) has the 31st largest increase.

California ($6.44) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are 21 states, including Oregon, and the District of Columbia with averages at or above $5, up from 13 states and D.C. a week ago. All states have averages at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($4.49) and Mississippi ($4.53). No states have averages below $3 a gallon. For the 75th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 56 cents more and the Oregon average is 60 cents more than a month ago. This is the 19th-largest monthly jump in the nation. Michigan (+86 cents) has the largest monthly gain. Hawaii (+22 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and 16 states, including Oregon, and the District of Columbia, have a current average that’s at least $2 a gallon higher than a year ago. All other states have a current average that’s a dollar or more higher than a year ago. The national average is $1.94 more and the Oregon average is $2.08 more than a year ago. This is the 7th-largest yearly increase in the nation. Arizona (+$2.24) has the biggest yearly increase. Hawaii (+$1.58) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    6/14/22
1 California $6.44
2 Nevada $5.67
3 Alaska $5.58
4 Illinois $5.56
5 Washington $5.55
6 Oregon $5.54
7 Hawaii $5.54
8 Arizona $5.35
9 District of Columbia $5.26
10 Michigan $5.22

California is the most expensive state for the 73rd week in a row with Nevada, and Alaska rounding out the top three. Washington is fifth, Oregon is sixth, Hawaii is seventh, and Arizona is eighth. Oregon falls to sixth after spending one week at fourth.

Like every other state, all seven states in the West Coast region have week-over-week increases. Arizona (+19 cents) has the largest weekly increase in the region. Hawaii (+6 cents) has the region’s smallest weekly increase.

The refinery utilization rate on the West Coast climbed from 86.5% to 90% for the week ending June 3. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 29.98 million bbl to 31.37 million bbl.

Oil market dynamics

Although prices ended lower on Friday due to the rising value of the dollar, crude prices increased earlier last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that reduced crude demand. Crude prices have increased despite EIA reporting that total domestic stocks increased by 2.1 million bbl to 416.8 million bbl last week. However, the current storage level is still approximately 12 percent lower than a year ago, contributing to rising crude prices. Crude prices could rise further this week if EIA’s next report shows an inventory decline.

At the close of Friday’s formal trading session, WTI decreased by 84 cents to settle at $120.67. At Monday’s formal trading session, WTI added 26 cents to close at $120.93. Today crude is trading around $122, compared to $119 a week ago. Crude prices are about $50 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 6-13-22

Diesel

For the week, the national average adds nine cents to $5.78 a gallon. This is a record high. Oregon’s average jumps 14 cents to $6.17. This is also a record high. A year ago the national average for diesel was $3.22 and the Oregon average was $3.40.

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 6/7/2022

Rising Oil Cost, High Demand for Gas keep Pump Prices Surging

More than a quarter of all states now have averages at or above $5 a gallon

PORTLAND, Ore., – With the cost of a barrel of oil surging to near $120 per barrel, nearly double the price from last August, and robust demand for gas, pump prices continue to skyrocket. More than a quarter of all states now have averages at or above $5 a gallon, and the national average is likely to get there very soon as well. For the week, the national average for regular soars 30 cents to $4.92 gallon. The Oregon average shoots up 25 cents to $5.46. These are both at record highs; in fact new record highs continue to be set on a daily basis.

“People are still fueling up, despite these record-high prices. At some point, drivers may alter their daily driving habits but it hasn’t happened yet,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

All 50 states have averages above $4 a gallon and 13 states, including Oregon, and the District of Columbia have averages above $5. California remains the only state with an average above $6. The national and Oregon averages continue to set new record highs daily.

Crude oil prices are climbing because demand outpaces the tight global supply. Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration. A year ago, crude was around $69 per barrel compared to $119 today.

Demand for gasoline in the U.S. rose with a busy Memorial Day holiday weekend of travel. It increased from 8.8 million b/d to 8.98 million b/d. Total domestic gasoline stocks decreased by 700,000 bbl to 219 million bbl last week according to the U.S. Energy Information Administration (EIA). These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.

Quick stats

All 50 states and the District of Columbia have higher prices on the week, and all but two states have double-digit increase. Michigan (+56 cents) has the largest weekly increase. New York (+1 cent) has the smallest. Oregon (+25 cents) has the 37th largest increase.

California ($6.37) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are 13 states, including Oregon, and the District of Columbia with averages at or above $5, up from seven states a week ago. All states have averages at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($4.33) and Arkansas ($4.45). No states have averages below $3 a gallon. For the 74th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 74 cents more and the Oregon average is 67 cents more than a month ago. This is the 11th-largest monthly jump in the nation. Indiana (+94 cents) has the largest monthly gain. Hawaii (+20 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. 12 states, including Oregon, has a current average that’s at least $2 a gallon higher than a year ago. All other states and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.87 more and the Oregon average is $2.01 more than a year ago. This is the 11th-largest yearly increase in the nation. Illinois (+$2.15) has the biggest yearly increase. Georgia (+$1.42) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    6/7/22
1 California $6.37
2 Nevada $5.53
3 Hawaii $5.48
4 Oregon $5.46
5 Washington $5.46
6 Illinois $5.45
7 Alaska $5.42
8 Michigan $5.17
9 Arizona $5.16
10 Indiana $5.15

California is the most expensive state for the 72nd week in a row with Nevada, Hawaii, Oregon, and Washington rounding out the top five. Alaska is seventh. Arizona is ninth. Oregon rises to fourth after spending one week at fifth.

Like every other state, all seven states in the West Coast region have week-over-week increases, but they’re smaller than many other states. Oregon (+25 cents) has the largest weekly increase in the region. Hawaii (+5 cents) has the region’s smallest weekly increase.

The refinery utilization rate on the West Coast climbed from 83.0% to 86.5% for the week ending May 27. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 30.47 million bbl to 29.98 million bbl.

Oil market dynamics

Crude prices rose last week after OPEC+ announced it would increase monthly production to 648,000 b/d in July and August instead of 400,000 b/d as previously planned. However, the market is still concerned that supply could remain tight as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year. Additionally, prices were boosted after EIA reported that total domestic stocks decreased by 5.1 million bbl to 414.7 million bbl. The current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices. For this week, crude prices could rise again if EIA’s next report shows another decrease in total domestic stocks.

At the close of Friday’s formal trading session, WTI increased $2 to settle at $118.87. At Monday’s formal trading session, WTI slipped 37 cents to close at $118.50. Today crude is trading around $118, compared to $115 a week ago. Crude prices are about $49 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.

Diesel

For the week, the national average adds 16 cents to $5.68 a gallon. This is a record high. Oregon’s average surges 31 cents to $6.03. This is also a record high and the first time the Oregon average for diesel has ever been above $6. A year ago the national average for diesel was $3.19 and the Oregon average was $3.38.

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 5/31/2022

Pump Prices Poised to Climb Even More as Crude Prices Rise Again

PORTLAND, Ore., – A dip in in gasoline demand provided drivers with a bit of stability at the pump, with gas prices showing smaller increases on the week. But the break could be brief. Crude oil prices have climbed above $116 per barrel due to fears of further global supply constraints caused by a European Union (EU) ban on Russian oil exports. And domestic gas demand may rise again as drivers fuel up for the summer travel season, which began this Memorial Day weekend. For the week, the national average for regular edges up two cents to $4.62 a gallon. The Oregon average adds a nickel to $5.22. These are both at record highs.

National State Local Gas Prices 5-31-22

“So far, the pent-up desire to travel as we emerge from the pandemic outweighs record high pump prices for many consumers,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “However, a recent survey by AAA reveals that 67% of drivers say they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon. The Oregon average has already surpassed $5, so it remains to be seen if people will change their summer travel plans.”

All 50 states have averages above $4 a gallon and seven states, including Oregon, have averages above $5. California remains the only state with an average above $6. The national and Oregon averages continue to set new record highs almost daily, eclipsing the recent record highs set in March.

Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude oil prices remain elevated due to the Russian invasion of Ukraine. Russia is one of the top three oil producers in the world, behind the U.S. and Saudi Arabia, and about 25% of Europe’s oil is imported from Russia. Global supplies were already tight before the invasion and became worse with the reduction in product coming out of Russia, putting upward pressure on crude prices. A year ago, crude was around $67 per barrel compared to $116 today.

Demand for gasoline in the U.S. dipped from 9 million b/d to 8.8 million b/d, approximately 700,000 b/d lower than a year ago. Total domestic gasoline stocks also decreased by 500,000 bbl to 219.7 million bbl last week, according to the U.S. Energy Information Administration (EIA). The softening of gas demand helped minimize price increases ahead of Memorial Day. However, gas demand may spike this week after drivers took to the roads for the holiday. But pump price increases could be limited if demand slows again following the holiday weekend.

Meanwhile, the switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June. This summer blend switch is an annual event.

Quick stats

Oregon is one of 36 states with higher prices week-over-week. Wisconsin (+11 cents) has the largest weekly increase. Texas (-3 cents) has the largest weekly decrease.

California ($6.17) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are seven states, including Oregon, with averages at or above $5. Every other state and D.C. have averages at or above $4 a gallon.

The cheapest gas in the nation is in Kansas ($4.13) and Georgia ($4.14). This week no states have averages below $3 a gallon, same as a week ago. For the 73rd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 44 cents more and the Oregon average is 53 cents more than a month ago. This is the 13th-largest monthly jump in the nation. New York (+60 cents) has the largest monthly gain. Hawaii (+18 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.58 more and the Oregon average is $1.79 more than a year ago. This is the sixth-largest yearly increase in the nation. California (+$1.96) has the biggest yearly increase. Colorado (+$1.16) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    5/31/22
1 California $6.17
2 Hawaii $5.44
3 Nevada $5.31
4 Washington $5.23
5 Oregon $5.22
6 Alaska $5.21
7 Illinois $5.00
8 Arizona $4.96
9 New York $4.93
10 District of Columbia $4.84

California is the most expensive state for the 71st week in a row with Hawaii, Nevada, Washington, Oregon, and Alaska rounding out the top six. Arizona is eighth. Oregon rises to fifth after spending one week at sixth.

Like most other states, all seven states in the West Coast region have week-over-week increases. California (+10 cents) has the largest weekly increase in the region. Alaska (+2 cents) has the region’s smallest weekly increase.

The refinery utilization rate on the West Coast fell from 85.4% to 83.0% for the week ending May 20. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 30.05 million bbl to 30.47 million bbl.

Oil market dynamics

Crude prices rallied at the end of last week following news that the EU was seeking unanimous support of all 27 member countries to impose a ban on Russian oil later this year. Yesterday, EU leaders announced they will ban 90 percent of Russian oil imports by the end of 2022. Crude prices also increased last week after EIA reported that domestic crude supply decreased by 1 million bbl to 419.8 million bbl. The current level is approximately 13.3 percent lower than during the third week of May 2021. Crude prices could rise again this week if EIA’s next report shows total domestic supply remains tight.

At the close of Friday’s formal trading session, WTI increased 98 cents to settle at $115.07. U.S. markets were closed Monday for the Memorial Day holiday. Today crude is trading around $117, compared to $110 a week ago. Crude prices are about $48 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 5-31-22

Diesel

For the week, the national average loses three cents to $5.52 a gallon. Oregon’s average rises four cents to $5.72. This is a record high. A year ago the national average for diesel was $3.19 and the Oregon average was $3.35.

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 5/24/2022

Demand for Gas Increases Despite Record High Price

Skyrocketing pump prices won’t put brakes on Memorial Day Travel

PORTLAND, Ore., – Gas prices have either remained flat or risen every day in the last month, setting multiple new record highs. But demand for gasoline in the U.S. has increased to 9 million barrels a day, which is typical for this time of year. For the week, the national average for regular jumps eight cents to $4.60 a gallon. The Oregon average jumps 10 cents to $5.16.

National State Local Gas Prices 5-24-22

All 50 states have averages above $4 a gallon and six states, including Oregon, have averages above $5. California remains the only state with an average above $6. The national and Oregon averages continue to set new record highs almost daily, eclipsing the recent record highs set in March.

The Memorial Day holiday weekend will be a busy one, despite the soaring gas prices. AAA predicts 39.2 million people (11.8% of the population) will travel 50 miles or more from home this Memorial Day weekend. This is an increase of 8.3% over 2021, bringing travel volumes almost in line with those in 2017.

In the Pacific Region, Region (AK, CA, HI, OR, WA), 6.7 million people (12.5% of the population) are expected to travel, an 8.1% increase compared to 2021. About 530,000 Oregonians will travel over the long weekend.

While 89% of Memorial Day travelers will drive to their destinations, air travel continues to rebound, up 25% over last year, the second-largest increase since 2010. Gas prices will be the most expensive ever for the holiday.

Find all the details and graphics in the AAA Memorial Day travel news release.

“Gasoline is more than a dollar per gallon higher now than it was on February 24, when Russia invaded Ukraine. That sent shock waves through the global oil market and crude prices have remained significantly elevated ever since,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Even with record high pump prices, demand for gas is rising as more drivers hit the road, despite the pain they’re feeling at the pumps.”

Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude oil prices remain elevated due to the Russian invasion of Ukraine. Russia is one of the top three oil producers in the world, behind the U.S. and Saudi Arabia, and about 25% of Europe’s oil is imported from Russia. Tight global oil supplies made worse by the lack of product coming out of Russia have put upward pressure on crude prices. A year ago, crude was around $66 per barrel compared to $110 today.

Demand for gasoline in the U.S. rose from 8.7 million b/d to 9 million b/d. Total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last week, according to the U.S. Energy Information Administration (EIA). Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic and volatile crude prices will keep upward pressure on pump prices.

Meanwhile, the switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June. This summer blend switch is an annual event. It is unrelated to the Biden Administration’s announcement a few weeks ago to allow the higher ethanol E15 gas blend to remain on sale throughout the summer until September.

Quick stats

Pump prices are higher in all 50 states week-over-week. The District of Columbia (-1 cent) is the only area with a weekly decline. Alaska (+19 cents) has the largest weekly jump. New Mexico (+2 cents) has the smallest weekly gain.

California ($6.07) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are six states, including Oregon, with averages at or above $5. Every other state and D.C. has an average at or above $4 a gallon.

The cheapest gas in the nation is in Oklahoma ($4.07) and Kansas ($4.07). This week no states have averages below $3 a gallon, same as a week ago. For the 72nd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 48 cents more and the Oregon average is 50 cents more than a month ago. This is the 24th-largest monthly jump in the nation. New York (+70 cents) has the largest monthly gain. Utah (+9 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.56 more and the Oregon average is $1.76 more than a year ago. This is the ninth-largest yearly increase in the nation. Alaska (+$1.91) has the biggest yearly increase. Colorado (+$1.06) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    5/24/22
1 California $6.07
2 Hawaii $5.40
3 Nevada $5.25
4 Washington $5.21
5 Alaska $5.19
6 Oregon $5.16
7 Illinois $4.97
8 New York $4.93
9 Arizona $4.91
10 District of Columbia $4.85

California is the most expensive state for the 70th week in a row with Hawaii, Nevada, Washington, Alaska, and Oregon rounding out the top six. Arizona is ninth. Oregon slips to sixth after spending five weeks at fifth.

Like the rest of the country, all seven states have week-over-week increases. Alaska (+19 cents) has the largest weekly increase in the nation and the region. California (+5 cents) has the region’s smallest weekly increases.

The refinery utilization rate on the West Coast rose from 82.3% to 85.4% for the week ending May 13. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 30.20 million bbl to 30.05 million bbl.

Oil market dynamics

Crude prices rose last week after EIA reported that domestic crude supply decreased by 3.4 million bbl to 420.8 million bbl. The current level is approximately 13.4 percent lower than during the second week of May 2021. Additionally, market optimism for China’s efforts to end some COVID-19 restrictions by June 1 helped to bolster the market, which has continued to worry that global crude demand will decline as a result of continuing restrictions. For this week, however, crude prices may decline amid heightened economic uncertainty as the likelihood of a recession increases. A recession would likely cause crude demand to drop amid decreased economic activity and as a result crude prices would decline.

At the close of Friday’s formal trading session, WTI increased $1.02 to settle at $113.23—nearly $3 per barrel higher than the closing price at the end of the previous week. At Monday’s formal trading session, WTI added a penny to close at $110.29. Today crude is trading around $110, compared to $112 a week ago. Crude prices are about $47 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 5-23-22

Diesel

For the week, the national average slips two cents to $5.55 a gallon, slightly lower than the record high of $5.577 set on May 18. Oregon’s average adds three cents to $5.68. This is a record high. A year ago the national average for diesel was $3.18 and the Oregon average was $3.32.

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 5/17/2022

Oregon Average Surges Above $5 per Gallon for the First Time

PORTLAND, Ore., – Pump prices are setting new record highs again this week with the Oregon average climbing above $5 a gallon for the first time ever. The major driver is the high cost of crude oil which is above $110 per barrel. For the week, the national average for regular jumps 15 cents to $4.52 a gallon. The Oregon average soars 21 cents to $5.06.

National State Local Gas Prices 5-17-22

The national and Oregon averages continue to set new record highs almost daily, eclipsing the recent record highs set in March.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers, and unfortunately, there’s no relief in sight,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

Crude oil prices remain elevated due to the Russian invasion of Ukraine. Russia is one of the top three oil producers in the world, behind the U.S. and Saudi Arabia, and about 25% of Europe’s oil is imported from Russia. Tight global oil supplies made worse by the lack of product coming out of Russia have put upward pressure on crude prices. A year ago, crude was around $66 per barrel compared to $112 today.

Meanwhile, the switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June. This summer blend switch is an annual event. It is unrelated to the Biden Administration’s announcement a few weeks ago to allow the higher ethanol E15 gas blend to remain on sale throughout the summer until September.

Demand for gasoline in the U.S. decreased slightly from 8.86 million b/d to 8.7 million b/d. Total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week, according to the U.S. Energy Information Administration (EIA). Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.

Quick stats

Pump prices are higher in all 50 states and the District of Columbia week-over-week, and 33 states, including Oregon, and D.C. have double-digit increases. Connecticut (+24 cents) has the largest weekly jump. Colorado (+3 cents) has the smallest weekly gain.

California ($6.02) is the most expensive state in the nation and becomes the first state to ever have an average above $6 a gallon. There are five states, including Oregon, with averages at or above $5. Every other state and D.C. has an average at or above $4 a gallon.

The cheapest gas in the nation is in Kansas ($4.01) and Oklahoma ($4.01). This week no states have averages below $3 a gallon, same as a week ago. For the 71st week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 44 cents more and the Oregon average is 41 cents more than a month ago. This is the 26th-largest monthly jump in the nation. Maryland (+79 cents) has the largest monthly gain. Utah (+8 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.48 more and the Oregon average is $1.69 more than a year ago. This is the seventh-largest yearly increase in the nation. California (+$1.89) has the biggest yearly increase. Colorado (+$1.05) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    5/17/22
1 California $6.02
2 Hawaii $5.34
3 Nevada $5.20
4 Washington $5.10
5 Oregon $5.06
6 Alaska $5.00
7 District of Columbia $4.86
8 Illinois $4.84
9 Arizona $4.81
10 New York $4.81

California is the most expensive state for the 69th week in a row with Hawaii, Nevada, Washington, Oregon, and Alaska rounding out the top six. Arizona is ninth. Oregon is fifth for the fifth week in a row.

Like the rest of the country, all seven states have week-over-week increases. Alaska (+23 cents) has the largest weekly increase in the region. Hawaii (+4 cents) has the region’s smallest weekly increases.

The refinery utilization rate on the West Coast rose from 79.6% to 82.3% for the week ending May 6. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 30.76 million bbl to 30.20 million bbl.

Oil market dynamics

At the beginning of last week, the price of crude oil decreased due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course at the end of the week over growing market worries that Ukrainian and European Union actions against Russian oil and natural gas companies could spark retaliation by Russia, which would lead to more market disruption and uncertainty. Crude prices could fall this week if demand concerns continue to weigh the market down. Additionally, EIA reported that domestic crude supply increased by 8.5 million bbl to 424.2 million bbl. The current level is approximately 12.5 percent lower than during the first week of May 2021.

At the close of Friday’s formal trading session, WTI increased by $4.36 to settle at $110.49/bbl. At Monday’s formal trading session, WTI added $3.71 to close at $114.20. Today crude is trading around $112, compared to $100 a week ago. Crude prices are about $49 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 5-16-22

Diesel

For the week, the national average gains two cents to $5.57 a gallon. This is a record high. Oregon’s average adds a nickel to $5.65. This is also a record high. A year ago the national average for diesel was $3.17 and the Oregon average was $3.31.

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 5/10/2022

Pump Prices Surge to New Record Highs

PORTLAND, Ore., – The national and Oregon averages skyrocket to new record highs after the price of oil jumped above $110 per barrel last week. Drivers are paying more to fill up in 49 states including Oregon. For the week, the national average for regular soars 17 cents to $4.37 a gallon. The Oregon average jumps 16 cents to $4.85.

National State Local Gas Prices 5-10-22

The national and Oregon averages are both at new record highs, eclipsing the record highs set in March.

“The cost of crude oil accounts for more than half of what we pay at the pumps, so higher crude oil prices translate into more expensive gas and diesel. Unfortunately, these high pump prices are not likely to ease anytime soon,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. is up slightly, from 8.74 million b/d to 8.86 million b/d. Total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week, according to the U.S. Energy Information Administration (EIA). Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Quick stats

Oregon is one of 49 states and the District of Columbia where prices have risen in the last week, and 44 states and D.C. have double-digit increases. Indiana (+28 cents) has the largest weekly jump. Nevada (+3 cents) has the smallest weekly gain. Utah (-1 cent) is the only state in the nation with a weekly decline.

California ($5.84) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 44 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($3.90) and Missouri ($3.93). This week no states have averages below $3 a gallon, same as a week ago. For the 70th week in a row, no state has an average below $2 a gallon.

Oregon is one of 48 states and the District of Columbia with higher prices now than a month ago. The national average is 26 cents more and the Oregon average is 15 cents more than a month ago. This is the 32nd-largest monthly jump in the nation. Utah (-1 cent) and Nevada (-1/10th of a cent) are the only states with monthly declines.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.41 more and the Oregon average is $1.51 more than a year ago. This is the 12th-largest yearly increase in the nation. California (+$1.74) has the biggest yearly increase. Colorado (+$1.09) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    5/10/22
1 California $5.84
2 Hawaii $5.30
3 Nevada $5.13
4 Washington $4.87
5 Oregon $4.85
6 Alaska $4.77
7 District of Columbia $4.71
8 Illinois $4.69
9 Arizona $4.67
10 New York $4.57

California is the most expensive state for the 68th week in a row with Hawaii, Nevada, Washington, Oregon, and Alaska rounding out the top six. Arizona is ninth. Oregon is fifth for the fourth week in a row.

All seven states have week-over-week increases. Oregon (+16 cents) has the largest weekly increase in the region. Hawaii (+3 cents) and Nevada (+3 cents) have the region’s smallest weekly increases.

The refinery utilization rate on the West Coast rose slightly from 79.1% to 79.6% for the week ending April 29. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 30.52 million bbl to 30.76 million bbl.

Oil market dynamics

Crude oil prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million bbl to 415.7 million bbl, which is approximately 14 percent lower than the storage level at the end of April 2021. Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.

At the close of Friday’s formal trading session, WTI increased by $1.51 to settle at $109.77. At Monday’s formal trading session, WTI fell $6.68 to close at $103.09. Today crude is trading around $100, compared to $102 a week ago. Crude prices are about $38 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 5-10-2022

Diesel

For the week, the national average soars 18 cents to $5.55 a gallon. This is a record high. Oregon’s average jumps 13 cents to $5.60. This is also a record high. A year ago the national average for diesel was $3.12 and the Oregon average was $3.28.

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 5/3/2022

Pump Prices Rise on High Cost of Crude

PORTLAND, Ore., – No relief for drivers due to the high cost of crude oil. Pump prices are climbing in 49 states, including Oregon, this week. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude continues to hover around $100. For the week, the national average for regular gains seven cents to $4.20 a gallon. The Oregon average climbs two cents to $4.69.

National State Local Gas Prices 5-3-22

“As long as the supply remains tight, crude oil prices are not likely to fall, which means consumers will continue to face elevated prices at the pump,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

The national and Oregon averages are both a bit lower than their record highs set last month. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. is down slightly, from 8.87 million b/d to 8.74 million b/d. Total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week, according to the U.S. Energy Information Administration (EIA). Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Meantime, consumers can enjoy a tasty gas price–related treat courtesy of Krispy Kreme Doughnuts. For the next two Wednesdays, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. The offer runs through Wednesday, May 4. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.19, not including sales tax, only in shop, drive-through, and online pickup.

Quick stats

Oregon is one of 49 states and the District of Columbia where prices have risen in the last week. Maryland (+18 cents) has the largest weekly jump. New Mexico (+1/10th of a cent) has the smallest weekly gain. Utah (-3/10ths of a cent)  is the only state in the nation with a weekly decline.

California ($5.75) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 30 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($3.73) and Missouri ($3.79). This week no states have averages below $3 a gallon, same as a week ago. For the 69th week in a row, no state has an average below $2 a gallon.

Oregon is one of 33 states and the District of Columbia with higher prices now than a month ago. The national average is a penny more and the Oregon average is also a penny more than a month ago. Maryland (+47 cents) has the largest month-over-month jump. Georgia (-14 cents) has the largest monthly drop.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.30 more and the Oregon average is $1.39 more than a year ago. This is the 15th-largest yearly increase in the nation. California (+$1.70) has the biggest yearly increase. Georgia (+$1.03) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

California is the most expensive state for the 67th week in a row with Hawaii, Nevada, Washington, Oregon, Alaska and Arizona rounding out the top seven. Oregon is fifth for the third week in a row.

All seven states are seeing smaller increases than many other states this week. California (+6 cents) has the largest weekly increase in the region. Alaska (+1 cent) has the region’s smallest weekly increase.

The refinery utilization rate on the West Coast fell from 84.0% to 79.1% for the week ending April 22. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 29.60 million bbl to 30.52 million bbl.

Rank Region Price on    5/3/22
1 California $5.75
2 Hawaii $5.27
3 Nevada $5.09
4 Washington $4.73
5 Oregon $4.69
6 Alaska $4.67
7 Arizona $4.57
8 District of Columbia $4.52
9 Utah $4.50
10 Illinois $4.47

Oil market dynamics

Although prices declined on Friday due to crude demand concerns as lockdowns continue in China, crude prices gained earlier in the week after EIA’s weekly report showed that total current supply level is approximately 16 percent lower than at the end of April 2021. Crude inventories rose by 700,000 bbl to 414.4 million bbl, but supply remains tight and the market remains highly volatile. For this week, crude prices will likely continue to increase, pushing pump prices higher. Additionally, the market will be watching this week’s OPEC+ meeting via videoconference on Thursday, May 5, which could see the cartel increase crude production to help meet global demand.

At the close of Friday’s formal trading session, WTI decreased by 67 cents to settle at $104.69. At Monday’s formal trading session, WTI rose 48 cents to close at $105.17. Today crude is trading around $103, compared to $102 a week ago. Crude prices are about $41 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 5-3-22

Diesel

For the week, the national average rockets up 29 cents to $5.37 a gallon. This is a record high. Oregon’s average climbs eight cents to $5.47. The record high for diesel in Oregon is $5.489 set on March 30 of this year. A year ago the national average for diesel was $3.09 and the Oregon average was $3.25.

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 4/26/2022

Oregon Average Steady while National Average Ticks Up on Oil Market Volatility

PORTLAND, Ore., – The recent dip in gas prices has reversed as crude oil prices remain stubbornly elevated.  Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer. These opposing forces are causing the oil price to remain near $100 per barrel. For the week, the national average for regular adds three cents to $4.13 a gallon. The Oregon average holds steady at $4.67.

National State Local Gas Prices 4-26-22

“Pump prices will struggle to fall as long as the price of oil remains elevated. While pump prices have slipped from record highs set in March, consumers shouldn’t expect any dramatic drops this spring,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

The national and Oregon averages are both a bit lower than their record highs set last month. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. is up slightly, despite the high pump prices, from 8.73 million b/d to 8.86 million b/d. Total domestic gasoline stocks decreased by nearly 1 million bbl to 232.3 million bbl last week, according to the U.S. Energy Information Administration (EIA).

Meantime, consumers can enjoy a tasty gas price–related treat courtesy of Krispy Kreme Doughnuts. For the next two Wednesdays, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. The offer runs through Wednesday, May 4. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.12, not including sales tax, only in shop, drive-through, and online pickup.

Quick stats

Oregon is one of 11 states where prices have changed by a penny or less in the last week, while 41 states and the District of Columbia have week-over-week increases. Delaware (+15 cents) has the largest weekly jump. North Carolina (-2 cents) has the largest weekly drop.

California ($5.68) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 26 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($3.71) and Arkansas ($3.74). This week no states have averages below $3 a gallon, same as a week ago. For the 68th week in a row, no state has an average below $2 a gallon.

Oregon is one of 39 states and the District of Columbia with lower prices now than a month ago. The national average is 11 cents less and the Oregon average is six cents less than a month ago. Connecticut (-30 cents) has the largest month-over-month drop. Maryland (+27 cents) has the largest monthly increase.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.24 more and the Oregon average is $1.42 more than a year ago. This is the sixth-largest yearly increase in the nation. California (+$1.69) has the biggest yearly increase. Georgia (+$1.02) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    4/26/22
1 California $5.68
2 Hawaii $5.25
3 Nevada $5.08
4 Washington $4.69
5 Oregon $4.67
6 Alaska $4.66
7 Arizona $4.55
8 Utah $4.50
9 Idaho $4.43
10 Illinois $4.40

California is the most expensive state for the 66th week in a row with Hawaii, Nevada, Washington, Oregon, Alaska and Arizona rounding out the top seven. Oregon is fifth for the second week in a row.

Like the rest of the country, all seven states in the region have week-over-week decreases. Nevada (-8 cents) has the largest decline in the region. Alaska (-2 cents) has the smallest weekly decrease in the region.

Like most other states in the nation, all seven states in the region are seeing minimal movement in pump prices again this week. California (-2 cents) has the largest weekly decline in the region. Hawaii (+1 cent) has the region’s largest weekly increase.

The refinery utilization rate on the West Coast fell from 84.4% to 84.0% for the week ending April 15. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 30.09 million bbl to 29.60 million bbl.

Oil market dynamics

Crude prices weakened at the end of the day Friday due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.

At the close of Friday’s formal trading session, WTI decreased by $1.72 to settle at $102.07. At Monday’s formal trading session, WTI fell $3.53 to close at $98.54. Today crude is trading around $101, compared to $103 a week ago. Crude prices are about $36 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 4-25-22

Updated 4/19/2022

Pump Prices Fairly Steady as Demand and Oil Prices Climb

PORTLAND, Ore., – The slide in gas prices has slowed as crude oil prices and U.S. demand for gasoline rise. The ongoing war in Ukraine and concerns of less Russian oil on the global market have sent crude prices back above $100 dollars per barrel, and that’s putting upward pressure on pump prices. For the week, the national average for regular holds steady at $4.10 a gallon. The Oregon average ticks up a penny to $4.66.

National State Local Gas Prices 4-19-22

The national and Oregon averages are both a bit lower than their record highs set last month. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

“Demand for gasoline in the U.S. is edging up as pump prices dip below the record highs set in March. We tend to see gasoline consumption increase this time of year as the days get longer and people drive more,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “But these lower pump prices could be temporary if the global price of oil increases due to constrained supply.”

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. is up slightly as an increasing number of markets saw pump prices fall below $4 a gallon. Demand climbed from 8.5 million b/d to 8.73 million b/d. Total domestic gasoline stocks decreased by 3.5 million bbl to 233.1 million bbl last week, according to the U.S. Energy Information Administration (EIA).

Meantime, consumers can enjoy a tasty gas price–related treat courtesy of Krispy Kreme Doughnuts. For the next three Wednesdays, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. The offer runs through Wednesday, May 4. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.08, not including sales tax, only in shop, drive-through, and online pickup.

Quick stats

Oregon is one of 25 states and the District of Columbia with higher prices now than a week ago.  Maryland (+31 cents) has the largest weekly jump. Ohio (-7 cents) has the largest weekly drop. The average in Hawaii is flat.

California ($5.70) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 23 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Georgia ($3.71) and Arkansas ($3.72). This week no states have averages below $3 a gallon, same as a week ago. For the 67th week in a row, no state has an average below $2 a gallon.

Oregon is one of 42 states and the District of Columbia with lower prices now than a month ago. The national average is 16 cents less and the Oregon average is four cents less than a month ago. Georgia (-48 cents) has the largest month-over-month drop. Utah (+14 cents) has the largest. The average in Nevada is flat month-over-month.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.23 more and the Oregon average is $1.44 more than a year ago. This is the sixth-largest yearly increase in the nation. California (+$1.73) has the biggest yearly increase. Georgia (+$1.01) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    4/19/22
1 California $5.70
2 Hawaii $5.24
3 Nevada $5.08
4 Washington $4.68
5 Oregon $4.66
6 Alaska $4.66
7 Arizona $4.57
8 Utah $4.48
9 Idaho $4.41
10 Illinois $4.35

California is the most expensive state for the 65th week in a row with Hawaii, Nevada, Washington, Oregon, Alaska and Arizona rounding out the top seven. Oregon rises to fifth after three weeks at sixth.

Like most other states, all seven states in the region are seeing minimal movement in pump prices. California (-5 cents), Arizona (-3 cents), Nevada (-3 cents) and Alaska (-1 cent) have week-over-week declines, while Oregon (+1 cent) and Washington (+1 cent) have weekly increases. The average in Hawaii is flat.

The refinery utilization rate on the West Coast fell from 90.1% to 84.4% for the week ending April 8. The rate has ranged between about 76% and 90% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 29.75 million bbl. to 30.09 million bbl.

Oil market dynamics

U.S. commercial crude oil inventories increased by 9.4 million barrels from the previous week to reach 421.8 million barrels, according to EIA’s weekly report. Despite the larger inventory, crude oil prices jumped last week as the European Union announced they are drafting plans to ban Russian oil imports, a move that could tighten global supply as member countries look for new sources for crude oil in an already tight market. Additionally, the most recent Oil Market Report from the International Energy Agency (IEA) forecasts that Russian oil output will shrink by about 1.5 million barrels per day this month as the result of financial and export sanctions. The crude oil market will likely remain volatile this week and could continue to fluctuate if concerns about supply persist.

At the close of Thursday’s formal trading session, WTI increased by $2.70 to settle at $106.95. U.S. markets were closed Friday in observance of Good Friday. At Monday’s formal trading session, WTI rose $1.26 to close at $108.21. Today crude is trading around $102, compared to $101 a week ago. Crude prices are about $45 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 4-18-22

Diesel

For the week, the national average climbs a penny to $5.04 a gallon. Oregon’s average holds steady at $5.38. A year ago the national average for diesel was $3.08 and the Oregon average was $3.22.

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 4/5/2022

Plan to Tap Strategic Petroleum Reserve puts the Brakes on Pump Price Increases

PORTLAND, Ore., – President Biden’s decision to release one million barrels of oil per day for six months (180 million barrels) from the Strategic Petroleum Reserve (SPR) helped send the global oil price tumbling to near $100 bbl. The release is intended to stem rising energy prices and pump prices have begun to retreat in all 50 states. For the week, the national average for regular loses seven cents to $4.18. The Oregon average slips four cents to $4.68.

The national and Oregon averages are both a bit lower than their record highs set last month. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

The SPR is a collection of underground salt caverns along the Gulf Coast where millions of gallons of crude oil are stored. Created in 1975 and managed by the U.S. Department of Energy, it is said to be the largest supply of emergency crude oil in the world. President Biden’s announcement came as OPEC and its allies announced they would maintain a plan to gradually ramp up production with 400,000 b/d monthly increases.

“Skyrocketing crude oil prices spurred by Russia’s war in Ukraine are finally easing from the planned SPR oil release and increased COVID fears in China, and the lower global crude prices are putting downward pressure on pump prices for U.S. consumers,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. usually climbs this time of year. But demand is defying seasonal trends and has dipped for the third week in a row, possibly due to higher pump prices and consumers altering their driving habits. Demand dipped from 8.63 million b/d to 8.5 million b/d. Total domestic gasoline stocks rose by 800,000 bbl to 238.8 million bbl last week. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower, as long as crude oil prices don’t climb again.

 Quick stats

All 50 states and the District of Columbia have lower prices now than a week ago.  Connecticut (-30 cents) has the largest weekly drop. Idaho (-3/10ths of a cents) has the smallest week-over-week decline.

California ($5.84) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 28 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Missouri ($3.73) and Kansas ($3.75). This week no states have averages below $3 a gallon, same as a week ago. For the 65th week in a row, no state has an average below $2 a gallon.

Oregon is one of 49 states and the District of Columbia with higher prices now than a month ago. The national average is 25 cents more and the Oregon average is 30 cents more than a month ago. This is the 15th– largest monthly increase in the nation. Nevada (+76 cents) has the largest month-over-month increase. Georgia (+7 cents) has the smallest. Connecticut (-7 cents) is the only state with a monthly decline.

All 50 states and the District of Columbia have higher prices now than a year ago. Every state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.30 more and the Oregon average is $1.49 more than a year ago. This is the sixth-largest yearly increase in the nation. California (+$1.92) has the biggest yearly increase. Maryland (+$1.01) 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    4/5/22
1 California $5.84
2 Hawaii $5.23
3 Nevada $5.17
4 Alaska $4.72
5 Washington $4.71
6 Oregon $4.68
7 Arizona $4.64
8 Idaho $4.42
9 Illinois $4.42
10 Utah $4.42

California is the most expensive state for the 63rd week in a row with Hawaii, Nevada, Alaska, Washington, Oregon, and Arizona rounding out the top seven. Oregon is sixth for the second week in a row.

Like the rest of the country, all seven states in the region have week-over-week decreases. Nevada (-8 cents) has the largest decline in the region. Alaska (-2 cents) has the smallest weekly decrease in the region.

The refinery utilization rate on the West Coast holds steady at 87.7% for the week ending March 18. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 29.13 million bbl. to 28.70 million bbl.

Oil market dynamics

Crude prices climbed early last week after EIA’s weekly report revealed that total domestic crude stocks declined by 3.5 million bbl to 409.9 million bbl, approximately 18 percent lower than the level at the end of March 2021. However, crude prices reversed course after the U.S. announced it will release 1 million barrels of oil per day from the SPR for six months. Investors are also watching lockdown measures in China to combat rising COVID-19 transmission rates. China became the world’s largest byer of crude oil in 2017, and reduced consumption in China would put downward pressure on oil prices. For this week, crude prices will likely remain volatile and could fluctuate if EIA’s next weekly report shows another decrease in total domestic stocks.

At the close of Friday’s formal trading session, WTI decreased by $1.01 to settle at $99.27. At Monday’s formal trading session, WTI rose $4.01 to close at $103.28. Today crude is trading around $103, compared to $104 a week ago. Crude prices are about $42 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.

Diesel

For the week, the national average loses four-and-a-half cents to $5.08 a gallon. Oregon’s average falls a nickel to $5.43. A year ago the national average for diesel was $3.09 and the Oregon average was $3.21.

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 3/29/2022

Gas Prices Stabilize as Crude Oil Remains above $100 per Barrel

PORTLAND, Ore., – Gas prices are showing little movement this week as the cost of a barrel of oil has stubbornly remained above $100 per barrel. Crude oil prices surged as Russia invaded Ukraine last month and have remained elevated. For the week, the national average for regular holds steady at $4.24. The Oregon average edges up one-and-a-half cents to $4.72.

National State Local Gas Prices 3-29-22

The national and Oregon averages are both a bit lower than their record highs set earlier this month. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

“The global oil market reflects the volatility caused by the war in Ukraine grinding onward with no resolution in sight,” says Marie Dodds. “With crude oil prices remaining high, pump prices are also staying elevated.”

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Demand for gasoline in the U.S. usually climbs this time of year. But demand is defying seasonal trends and has dipped for the second week in a row, possibly due to higher pump prices and consumers altering their driving habits. Demand slipped from 8.94 million b/d to 8.63 million b/d. Total domestic gasoline stocks also fell

by 3 million bbl to 238 million bbl last week, according to the U.S. Energy Information Administration (EIA). The decrease in gas demand is helping to put downward pressure on pump prices, but the high cost of crude oil is the major driver of sustained high pump prices.

Quick stats

Oregon is one of 33 states and the District of Columbia with higher prices now than a week ago.  All but eight states and D.C. have relatively small gains of a nickel or less. Nevada (+12 cents) has the largest weekly increase. Georgia (-13 cents) has the largest week-over-week decline and is one of 17 states where prices fell.

California ($5.92) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 33 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Missouri ($3.79) and Kansas ($3.80). This week no states have averages below $3 a gallon, same as a week ago. For the 64th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 63 cents more and the Oregon average is 70 cents more than a month ago. This is the 11th– largest monthly increase in the nation. Nevada (+$1.23) has the largest month-over-month increase. Maryland (+22 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago. California is the only state with an average that’s $2 a gallon or more higher than a year ago, and every other state and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is $1.38 more and the Oregon average is $1.55 more than a year ago. This is the fifth-largest yearly increase in the nation. California (+$2.02) has the biggest yearly increase. Maryland (+$1.02 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    3/29/22
1 California $5.92
2 Nevada $5.26
3 Hawaii $5.15
4 Washington $4.74
5 Alaska $4.74
6 Oregon $4.72
7 Arizona $4.69
8 Illinois $4.49
9 Utah $4.44
10 District of Columbia $4.43

California is the most expensive state for the 62nd week in a row with Nevada, Hawaii, Washington, Alaska, Oregon, and Arizona rounding out the top seven. Oregon falls to sixth after one week at fifth.

All seven states in the region have week-over-week increases. Nevada (+12 cents) has the largest increase in the region and the nation. Washington (+1 cent) has the smallest weekly gain in the region.

The refinery utilization rate on the West Coast increased from 85.0% to 87.7% for the week ending March 18. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 28.65 million bbl. to 29.13 million bbl.

The higher refinery utilization rate and increase in total gas stocks should help keep prices fairly steady in the region this week, if crude oil prices don’t jump.

Oil market dynamics

Crude prices climbed last week after EIA’s weekly report revealed that total domestic crude stocks declined by 2.5 million bbl to 413.4 million bbl, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising prices. For this week, crude prices fell on news that Shanghai is imposing new lockdown measures to curb COVID-19 transmission rates, which would likely reduce crude demand. According to EIA, China became the world’s largest buyer of crude oil in 2017.

At the close of Friday’s formal trading session, WTI increased by $1.56 to settle at $113.90. At Monday’s formal trading session, WTI fell $7.94 to close at $105.96. Today crude is trading around $102, compared to $112 a week ago. Crude prices are about $45 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 3-28-2022

Diesel

For the week, the national average climbs nine cents to $5.13 a gallon. Oregon’s average jumps 13 cents to $5.48, which is a new record high. A year ago the national average for diesel was $3.10 and the Oregon average was $3.20.

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 3/22/2022

March Madness at the Pumps: Gas Prices Sink Slowly for Now

PORTLAND, Ore., – After surging to record highs earlier this month, gas prices are declining in 44 states, including Oregon. The big driver is lower crude oil prices, which skyrocketed shortly after Russia invaded Ukraine. For the week, the national average for regular loses seven cents to $4.24. The Oregon average dips three cents to $4.71.

National State Local Gas Prices 3-22-22

The national and Oregon averages are both a bit lower than their record highs set earlier in March. The national average peaked at $4.331 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

“Lower crude oil prices and a slight reduction in demand are helping to put the brakes on rising pump prices. But the tight global crude oil market remains, so it’s impossible to say whether gas prices will rise again or if they have peaked. If oil prices climb again, pump prices will follow suit,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

U.S. gasoline demand dipped slightly from 8.96 million b/d to 8.94 million b/d, perhaps because of the near-record-high prices. Total domestic gasoline stocks also decreased by 3.6 million bbl to 241 million bbl last week, according to the U.S. Energy Information Administration (EIA). The small decline in gas demand is helping to put downward pressure on pump prices, but the major factor is decreasing oil prices.

Quick stats

Oregon is one of 44 states and the District of Columbia with lower prices now than a week ago.  Maryland (-47 cents) has the largest weekly decline. Nevada (+18 cents) has the largest week-over-week increase. The average is flat in Montana.

California ($5.87) is the most expensive state in the nation and is one of three states with an average above $5 a gallon. There are 34 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Kansas ($3.76) and Missouri ($3.77). This week no states have averages below $3 a gallon, same as a week ago. For the 63rd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 74 cents more and the Oregon average is 72 cents more than a month ago. This is the 17th– largest monthly increase in the nation. Nevada (+$1.18) has the largest month-over-month increase. Maryland (+20 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and 49 states and D.C.  have a current average that’s a dollar or more higher than a year ago. The national average is $1.38 more and the Oregon average is $1.55 more than a year ago. This is the fourth-largest yearly increase in the nation. California (+$1.98) has the biggest yearly increase. Maryland (+94 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    3/22/22
1 California $5.87
2 Nevada $5.14
3 Hawaii $5.09
4 Washington $4.73
5 Oregon $4.71
6 Alaska $4.70
7 Arizona $4.62
8 Illinois $4.50
9 District of Columbia $4.37
10 New York $4.36

California is the most expensive state for the 61st week in a row with Nevada, Hawaii, Washington, Oregon, Alaska, and Arizona rounding out the top seven. Oregon climbs to fifth after one week at sixth.

Nevada (+18 cents) has the largest weekly increase in the region while Alaska (-4 cents) has the largest week-over-week decline in the region.

The refinery utilization rate on the West Coast increased from 81.2% to 85.0% for the week ending March 11. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 30.12 million bbl. to 28.65 million bbl.

Oil market dynamics

 After crude prices spiked in response to Russia’s invasion of Ukraine, crude prices changed course last week in reaction to China announcing new lockdowns alongside rising COVID-19 infection rates. Additionally, EIA reported that total domestic crude stocks increased by 4.3 million bbl to 415.9 million bbl last week.

However, crude prices climbed again Monday after a call by the International Energy Agency to reduce oil demand, and the European Union considered joining the U.S. in imposing a Russian oil ban.

At the close of Friday’s formal trading session, WTI increased by $1.72 to settle at $104.70. At Monday’s formal trading session, WTI added $7.42 to close at $112.12. Today crude is trading around $109, compared to $96 a week ago. Crude prices are about $51 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 3-22-22

Diesel

For the week, the national average falls eight cents to $5.04 a gallon. Oregon’s average slips a nickel to $5.33. Both averages are slightly lower than the record highs reached in the last week. A year ago the national average for diesel was $3.11 and the Oregon average was $3.18.

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 3/15/2022

Falling Oil Prices Put the Brakes on Surging Pump Prices for Now

PORTLAND, Ore., – After cresting above $123 per barrel shortly after Russia’s invasion of Ukraine, the price of crude oil has gradually fallen below $100 per barrel. If this trend holds, it may reduce some of the extreme upward price pressure consumers have found at the pumps, but not all. Prices continue to climb in 49 states, but the increases are not as dramatic as they were last week. For the week, the national average for regular adds 14 cents to $4.32. The Oregon average jumps 15 cents to $4.74.

National State Local Gas Prices 3-15-2022

Last week the national average shot up 54 cents while the Oregon average jumped 55 cents. Both averages are slightly lower than their record highs set last week. The national average peaked at $4.33 on March 11 while the Oregon average peaked at $4.739 on March 11. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

“The violent invasion of Ukraine by Russia continues to impact an already tight global crude oil market, making it impossible to predict if pump prices have peaked or will surge again. It all depends on the direction of oil prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

About 3% of oil, and a total of 8% of oil and refined products used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

U.S. gasoline demand rose slightly from 8.74 million b/d to 8.96 million b/d. Total domestic gasoline stocks decreased by 1.4 million bbl to 244.6 million bbl last week, according to the U.S. Energy Information Administration (EIA). The increase in gas demand and a reduction in total supply contribute to rising pump prices. But increasing oil prices play the lead role in pushing gas prices higher.

Quick stats

Oregon is one of 49 states and the District of Columbia with higher prices now than a week ago.  Utah (+35 cents) has the largest weekly increase. New Jersey (+5 cents) has the smallest. Last week, the increases ranged from 15 to 66 cents. Oregon (+15 cents) has the 17th-largest weekly increase in the nation. Delaware (-3 cents) is the only state with a week-over-week decline.

California ($5.75) is the most expensive state in the nation and is the first state to ever have an average above $5 a gallon. There are 38 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Kansas ($3.81) and Missouri ($3.83). This week no states have averages below $3 a gallon, same as a week ago. For the 62nd week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 82 cents more and the Oregon average is 77 cents more than a month ago. This is the 28th– largest monthly increase in the nation. Nevada (+$1.06) has the largest month-over-month increase. Hawaii (+53 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s a dollar or more higher than a year ago. The national average is $1.45 more and the Oregon average is $1.62 more than a year ago. This is the fourth-largest yearly increase in the nation. California (+$1.91) has the biggest yearly increase. Nebraska (+$1.10 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 top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced.

Rank Region Price on    3/15/22
1 California $5.75
2 Hawaii $5.00
3 Nevada $4.96
4 Washington $4.74
5 Alaska $4.74
6 Oregon $4.74
7 Arizona $4.61
8 Illinois $4.56
9 District of Columbia $4.52
10 Connecticut $4.46

California is the most expensive state for the 60th week in a row with Hawaii, Nevada, Washington, Alaska, Oregon and Arizona rounding out the top seven. Oregon slips to sixth after two weeks at fourth.

Like the rest of the country, all seven states have weekly increases:  Arizona (+32 cents) has the largest in the region while Oregon (+15 cents) has the smallest week-over-week increase in the region.

The refinery utilization rate on the West Coast increased from 79.5% to 81.2% for the week ending March 4. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose slightly from 29.99 million bbl. to 30.12 million bbl.

The upticks in the refinery utilization rate and gasoline stocks should help keep prices from climbing as dramatically in the region this week.

Oil market dynamics

Crude prices surged then eased last week in response to President Biden and other nations announcing a ban of Russian energy imports, including crude oil. Crude prices have eased as the market continues to find replacement barrels of oil and further supply growth for the tight market becomes apparent. However, the market remains volatile and additional disruptions or escalation of the current crisis in Ukraine could cause prices to surge again this week. Additionally, EIA reported that total domestic crude stocks decreased by 1.8 million bbl last week to 411.6 million bbl. The current stock level is approximately 17% lower than at the end of February 2021, contributing to pressure on domestic crude prices.

At the close of Friday’s formal trading session, WTI increased by $3.31 to settle at $109.33. At Monday’s formal trading session, WTI lost $6.32 to close at $103.01. Today crude is trading around $95, compared to $124 a week ago. Crude prices are about $37 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 3-14-22

Diesel

For the week, the national average climbs 36 cents to $5.12 a gallon. Oregon’s average jumps 45 cents to $5.38. Both averages are slightly lower than the record highs reached in the last week. A year ago the national average for diesel was $3.08 and the Oregon average was $3.14.

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 3/8/2022

Oregon, National Averages Soar to New Record Highs

Russian Invasion of Ukraine Fuels Skyrocketing Oil, Gas Prices

PORTLAND, Ore., – Russia’s unprovoked and violent invasion of Ukraine has sent crude oil prices skyrocketing above $120/bbl, the highest price since July 2008. The soaring oil prices have sent gas prices to new record highs, breaking records set in 2008. All 50 states are seeing dramatic increases in gas prices. For the week, the national average for regular jumps 54 cents to $4.17 a gallon. The Oregon average shoots up 55 cents to $4.59.

National State Local Gas Prices 3-8-22

These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17, and the Oregon average peaked at $4.29 on July 3.

Today President Biden announced a U.S. ban on Russian oil imports. The President said this has strong bipartisan support in Congress as Americans rally to support the Ukrainian people, and that this and other sanctions have wreaked havoc on the Russian economy. But President Biden says there will be costs as well here in the U.S., including even higher gas prices which hurt American families.

The United Kingdom also announced it will phase out Russian oil imports by the end of the year. The European Union has also outlined a plan to stop using Russian energy.

About 8% of oil used in the U.S. last year came from Russia, while about 25% of Europe’s oil is imported from Russia. The U.S. is the largest oil producer in the world. Other top producers are Saudi Arabia and Russia.

Last week, the International Energy Agency (IEA) announced a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico, to help counter the impact of rising crude prices. On Friday, IEA said member states committed to releasing a total of 61.7 million bbl from their strategic reserves to reassure markets roiled by the fallout from Russia’s invasion of Ukraine. This amount—half of which is expected to come from the U.S.—is the largest coordinated release since IEA was founded in 1974.

“Drivers are experiencing pain at the pumps, and its impossible to predict how high prices might go, as a war rages in Europe. Besides the tragic human toll, the Russian invasion of Ukraine is having economic consequences here at home and around the world,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Traditionally, gas prices jump in March and April, as the switch to summer-blend fuels occurs and the spring and summer travel season heat up.

U.S. gasoline demand rose slightly from 8.66 million b/d to 8.74 million b/d. Total domestic gasoline stocks decreased by 500,000 bbl to 246 million bbl last week, according to the U.S. Energy Information Administration (EIA). The increase in gas demand and a reduction in total supply contribute to rising pump prices. But the major driver is rising oil prices. Consumers can expect gas prices to keep climbing as long as crude prices rise.

Quick stats

All 50 states and the District of Columbia have significant increases for the week. Virginia (+66 cents) has the largest weekly increase. Hawaii (+15 cents) has the smallest. Oregon (+55 cents) has the 27th-largest increase in the nation.

California ($5.44) is the most expensive state in the nation and is the first state to ever have an average above $5 a gallon. There are 28 states and the District of Columbia with an average at or above $4 a gallon.

The cheapest gas in the nation is in Oklahoma ($3.72) and Missouri ($3.73). This week no states have averages below $3 a gallon, same as a week ago. For the 61st week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 72 cents more and the Oregon average is 65 cents more than a month ago. This is the 33rd– largest monthly increase in the nation. Delaware (+83 cents) has the largest month-over-month increase. Hawaii (+30 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and all have a current average that’s a dollar or more higher than a year ago. The national average is $1.40 more and the Oregon average is $1.57 more than a year ago. This is the third-largest yearly increase in the nation. California (+$1.69) has the biggest yearly increase. Nebraska (+$1.04 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 every state except Arizona in the top 10.

Rank Region Price on    3/8/22
1 California $5.44
2 Hawaii $4.72
3 Nevada $4.67
4 Oregon $4.59
5 Washington $4.55
6 Alaska $4.50
7 Illinois $4.43
8 New York $4.37
9 Connecticut $4.36
10 District of Columbia $4.35

California is the most expensive state for the 59th week in a row with Hawaii, Nevada, Oregon, Washington, and Alaska rounding out the top six. Arizona is 12th. Oregon is fourth for the second week in a row.

Like the rest of the country, all seven states have weekly increases:  Nevada (+64 cents) has the largest in the region while Hawaii (+15 cents) has the smallest week-over-week increase in the region and the nation.

The refinery utilization rate on the West Coast is relatively steady, going from79.9% to 79.5% for the week ending February 25. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose slightly from 29.88 million bbl. to 29.99 million bbl.

Oil market dynamics

Crude prices continue to surge in response to the invasion of Ukraine by Russia. As the conflict continues, the oil markets will likely respond this week by increasing the price of crude oil to reflect more risk of disruption to tight global oil supplies. Additionally, EIA reported that total domestic crude stocks decreased by 2.6 million bbl last week to 413.4 million bbl. The current stock level is approximately 15% lower than at the end of February 2021, contributing to pressure on domestic crude prices.

At the close of Friday’s formal trading session, WTI increased by $8.01 to settle at $115.68. At Monday’s formal trading session, WTI rose $3.72 to close at $119.40. Today crude is trading around $127, compared to $103 a week ago. Crude prices are about $61 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 3-7-22

Diesel

For the week, the national average soars 74 cents to $4.76 a gallon. Oregon’s average jumps 55 cents to $4.59. A year ago the national average for diesel was $3.01 and the Oregon average was $3.05.

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 3/1/2022

Russian Invasion of Ukraine Results in Surging Oil, Gas Prices

PORTLAND, Ore., – Russia’s violent invasion of Ukraine has rocked the global oil market, with crude spiking above $100/bbl, a price last seen in July 2014. The increase in the price of oil has led to higher pump prices in the U.S. with gas prices climbing in all 50 states. For the week, the national average for regular jumps nine cents to $3.62 a gallon. The Oregon average rises a nickel to $4.03.

National State Local Gas Prices 3-1-22

The Oregon average gas price climbed above $4 a gallon last Thursday, Feb. 24, for the first time since October 2012. The national average is at its highest price since July 2014.

“Russia’s invasion of Ukraine and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters with crude climbing above $100 per barrel. Like the U.S. stock market, the oil market responds poorly to volatility and the unknown. It’s a grim reminder that tragic events on the other side of the globe can impact people around the world, including American consumers,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Russia is one of the top three oil producers in the world, along with the U.S. and Saudi Arabia. Russia produces about 10 million barrels a day. There are concerns that with the severe economic sanctions that the U.S. and other western nations have imposed on Russia, that it could retaliate by withholding oil from the global market. Europe, in particular, depends on oil from Russia. The world oil market is facing the same factors as many other industries – tight supplies and higher demand as economies around the world emerge from COVID-related economic slowdowns.

Crude is about $105 per barrel today, about $44 higher than a year ago. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

U.S. gasoline demand rose slightly from 8.57 million b/d to 8.66 million b/d. Total domestic gasoline stocks decreased by 600,000 bbl to 246.5 million bbl last week, according to the U.S. Energy Information Administration (EIA). The increase in gas demand and a reduction in total supply contribute to rising pump prices. But increasing oil prices play the lead role in pushing gas prices higher. Pump prices will likely continue to rise as crude prices continue to climb.

Travel continues to be impacted by the coronavirus pandemic. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

All 50 states and the District of Columbia have higher prices now than a week ago. Michigan (+21 cents) has the largest weekly increase. Idaho (+2 cents) has the smallest. Oregon (+5 cents) has the 37th-largest increase in the nation.

California ($4.84) and Hawaii ($4.57) continue to have the most expensive gas prices in the country. They are joined by Nevada, Oregon and Washington which are the other states in the nation with averages above $4 a gallon. while all 50 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Arkansas ($3.24) and Mississippi ($3.27). This week no states have averages below $3 a gallon, same as a week ago. For the 60th week in a row, no state has an average below $2 a gallon.

All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 24 cents more and the Oregon average is 11 cents more than a month ago. This is the 6th– smallest monthly increase in the nation. North Carolina (+40 cents) has the largest month-over-month increase. Idaho (+2 cents) has the smallest.

All 50 states and the District of Columbia have higher prices now than a year ago, and six states, including Oregon, have a current average that’s a dollar or more higher than a year ago. The national average is 90 cents more and the Oregon gas price average is $1.08 more than a year ago. This is the third-largest yearly increase in the nation. California (+$1.15) has the biggest yearly increase. West Virginia (+65 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    3/1/22
1 California $4.84
2 Hawaii $4.57
3 Nevada $4.04
4 Oregon $4.03
5 Washington $4.01
6 Alaska $3.90
7 Illinois $3.87
8 Arizona $3.82
9 New York $3.81
10 District of Columbia $3.79

California is the most expensive state for the 58th week in a row with Hawaii, Nevada, Oregon, Washington, and Alaska rounding out the top six. Arizona is eighth. Oregon slips to fourth after two weeks at third.

Like the rest of the country, all seven states have weekly increases:  Arizona (+11 cents) has the largest in the region while Washington (+3 cents) has the smallest.

The refinery utilization rate on the West Coast fell from 82.6% to 79.9% for the week ending February 18. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region fell from 31.8 million bbl. To 29.88 million bbl.

Oil market dynamics

 Although crude prices saw some fluctuations on Friday, they surged after Russia launched its military invasion of Ukraine earlier in the week. As the conflict continues, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies this week. Additionally, EIA reported that total domestic crude stocks increased by 4.5 million bbl to 416 million bbl. The current stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.

At the close of Friday’s formal trading session, WTI decreased by $1.22 cents to settle at $91.59. At Monday’s formal trading session, WTI jumped up $4.13 to close at $95.72. Today crude is trading around $104, compared to $92 a week ago. Crude prices are about $43 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 2-28-22

Diesel

For the week, the national average adds seven cents to $4.02 a gallon. Oregon’s average climbs three cents to $4.22. A year ago the national average for diesel was $2.94 and the Oregon average was $3.00.

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 2/22/2022

Russia-Ukraine Escalation sends Crude Oil to eight-year Highs

Gas Prices Continue to March Higher

PORTLAND, Ore., – The potential invasion of Ukraine by Russia is having a rippling effect on the global oil markets, sending crude oil prices higher, which in turn is driving up the price of gasoline in the U.S. Drivers in 47 states are seeing pump prices rise. For the week, the national average for regular rises four cents to $3.53 a gallon. The Oregon gas price average adds two to $3.99.

National State Local Gas Prices 2-22-2022

A Russian attack would be met by severe financial sanctions led by the United States and its allies. Russia will likely retaliate by withholding oil from the world market, which is already tight and struggling to keep up with demand as nations worldwide move on from COVID-related economic slowdowns.

“Russia is one of the world’s leading oil producers along with the U.S. and Saudi Arabia. If Russia chooses to take its oil from the global market, that would create even tighter supplies which would result in higher gas prices for American drivers,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Crude remains above $90 per barrel, about $31 higher than a year ago. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil,12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

U.S. gasoline demand fell from 9.13 million b/d to 8.57 million b/d. Total domestic gasoline stocks decreased by 1.3 million bbl to 247.1 million bbl last week, according to the U.S. Energy Information Administration (EIA). Typically, a decrease in gas demand during the winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher.

With the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 47 states and the District of Columbia where prices are higher now than a week ago. Ohio (+10 cents) has the largest weekly increase. Wisconsin and Nebraska are the only states with week-over-week declines and both are just two-tenths of a cent. The average in New Mexico is flat.

California ($4.74) and Hawaii ($4.52) 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 all 50 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Missouri ($3.18) and Arkansas ($3.19). This week no states have averages below $3 a gallon, same as a week ago. For the 59th week in a row, no state has an average below $2 a gallon.

Oregon is one of 49 states and the District of Columbia with higher prices now than a month ago. The national average is 20 cents more and the Oregon average is six cents more than a month ago. This is the 5th– smallest monthly increase in the nation. Delaware (+36 cents) has the largest month-over-month increase. Idaho (-1 cent) is the only state with a month-over-month decline.

All 50 states and the District of Columbia have higher prices now than a year ago, and 11 states have a current average that’s a dollar or more higher than a year ago. The national average is 90 cents more and the Oregon gas price average is $1.13 more than a year ago. This is the second-largest yearly increase in the nation. California (+$1.17) has the biggest yearly increase. West Virginia (+69 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    2/22/22
1 California $4.74
2 Hawaii $4.52
3 Oregon $3.99
4 Washington $3.98
5 Nevada $3.96
6 Alaska $3.85
7 New York $3.75
8 Pennsylvania $3.74
9 District of Columbia $3.73
10 Arizona $3.71

California is the most expensive state for the 57th week in a row with Hawaii, Oregon, Washington, Nevada, and Alaska rounding out the top six. Arizona is 10th. Oregon is third for the second week in a row.

All seven states have weekly increases:  Nevada (+6 cents), Arizona (+5 cents), Hawaii (+5 cents), Alaska (+3 cents), California (+3 cents), Oregon (+2 cents), and Washington (+2 cents).

The refinery utilization rate on the West Coast rose from 77% to 82.6% for the week ending February 11. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region show a small decrease from 31.94 million bbl. To 31.18 million bbl.

Oil market dynamics

Although crude prices declined at the end of last week due to increased market expectations that more oil could enter the global market if the U.S. and Iran complete a new nuclear agreement, and related sanctions are lifted, the tension between Russia and Ukraine contributed to rising oil prices earlier in the week. Additionally, EIA reported that total domestic crude stocks increased by 1.1 million bbl to 411.5 million bbl. The current stock level is approximately 11 percent lower than mid-February 2021, contributing to pressure on domestic crude prices. For this week, crude prices could climb if EIA’s next report shows a decrease in total stocks.

At the close of Friday’s formal trading session, WTI slipped 69 cents to settle at $91.07. U.S. markets were closed yesterday for President’s Day. Today crude is trading around $92, compared to $92 a week ago. Crude prices are about $31 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 2-22-22

Diesel

For the week, the national average climbs four cents to $3.95 a gallon. Oregon’s average rises two cents to $4.19. A year ago the national average for diesel was $2.85 and the Oregon average was $2.91.

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 2/15/2022

No Love at the Pumps for Drivers

Gas Prices Continue to Climb

PORTLAND, Ore., – Geopolitical tensions surrounding Russia and whether it will invade Ukraine continue to keep crude oil prices elevated. Crude has surged above $90 per barrel, about $36 higher than a year ago. This is the major driver of higher pump prices, as about 53% of what we pay for in a gallon of gasoline is for the price of crude oil. For the week, the national average for regular rises four cents to $3.50 a gallon. The Oregon average gains three cents to $3.98.

National State Local Gas Prices 2-15-22

The national average is at its highest price since August 2014; the Oregon average gas price is the highest since July 2014.

Other factors contributing to higher pump prices include rising demand and shrinking supplies of gas in the U.S. Moderating winter weather and optimism over a potential fading of the omicron variant have led to the increase in gas demand.

“More drivers fueling up combined with a persistent tight supply of oil around the globe provide the recipe for higher pump prices. Unfortunately for consumers, it does not appear that this trend will change anytime soon,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil. 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration.

The concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on oil prices. Russia is a member of OPEC+, and any sanctions based on Russia’s actions toward Ukraine may cause it to withhold crude oil from the global market.

The price of crude oil has risen dramatically in the last two months. It was about $65 per barrel on December 1 compared to $91 today on February 15. Oil supplies were already tight and demand is expected to increase this year as global economies emerge from the coronavirus pandemic.

U.S. gasoline demand rose from 8.23 million b/d to 9.13 million b/d. Total domestic gasoline stocks dropped by 1.6 million bbl to 248.4 million bbl last week, according to the U.S. Energy Information Administration (EIA). A decrease in total stocks and increased demand have contributed to upward pressure on pump prices, but rising crude prices continue to play the dominant role in pushing pump prices higher. Gas prices will likely increase as demand grows and crude oil prices remain above $90 per barrel.

With the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 45 states and the District of Columbia where prices are higher now than a week ago. Delaware (+15 cents) has the largest weekly increase. Ohio (-3 cents) has the largest week-over-week decline.

California ($4.71) and Hawaii ($4.47) 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 all 50 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Mississippi ($3.16) and Missouri ($3.17). This week no states have averages below $3 a gallon, same as a week ago. For the 58th week in a row, no state has an average below $2 a gallon.

Oregon is one of 48 states and the District of Columbia with higher prices now than a month ago. The national average is 19 cents more and the Oregon average is four cents more than a month ago. This is the 3rd– smallest monthly increase in the nation. Delaware (+33 cents) has the largest month-over-month increase. Utah (-6 cents) and Idaho (-3 cents) are the only states with month-over-month declines.

All 50 states and the District of Columbia have higher prices now than a year ago, and 22 states and D.C. have a current average that’s a dollar or more higher than a year ago. The national average is 99 cents more and the Oregon gas price average is $1.19 more than a year ago. This is the second-largest yearly increase in the nation. California (+$1.23) has the biggest yearly increase. West Virginia (+78 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    2/15/22
1 California $4.71
2 Hawaii $4.47
3 Oregon $3.96
4 Washington $3.96
5 Nevada $3.90
6 Alaska $3.82
7 District of Columbia $3.72
8 New York $3.70
9 Pennsylvania $3.69
10 Arizona $3.66

California is the most expensive state for the 56th week in a row with Hawaii, Oregon, Washington, Nevada, and Alaska rounding out the top six. Arizona is 10th. Oregon moves up to third after five weeks at fourth.

All seven states have weekly increases. Hawaii (+5 cents) has the largest weekly increase in the region. Washington (+1/2 cent) has the smallest weekly increase in the region.

The refinery utilization rate on the West Coast fell from 79.3% to 77% for the week ending February 4. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region show a small decrease from 31.96 million bbl. to 31.94 million bbl.

Oil market dynamics

The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reported that total domestic crude stocks decreased by 4.7 million bbl to 410.4 million bbl. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices. If tension between Russia and Ukraine continues this week or EIA’s next report shows another inventory decline, crude prices could continue to rise.

At the close of Friday’s formal trading session, WTI increased by $3.22 to settle at $93.10. To At the close of Monday’s formal trading session, WTI soared $2.36 to settle at $95.46. Today crude is trading around $92, compared to $89 a week ago. Crude prices are about $36 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 2-14-22

Diesel

For the week, the national average jumps seven cents to $3.91 a gallon. Oregon’s average adds a penny to $4.17. A year ago the national average for diesel was $2.76 and the Oregon average was $2.83.

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 2/8/2022

Gas Prices Continue to March Higher

Oregon has smallest weekly increase in the nation

PORTLAND, Ore., – Geopolitical tensions surrounding Russia and whether it will invade Ukraine are driving the price of crude oil higher. Crude has surged above $90 per barrel, nearly $30 more than last August. And winter weather in much of the U.S. has increased the demand for heating oil. These factors are causing gas prices to rise in most states but they’re not climbing as fast in Oregon. For the week, the national average for regular jumps eight cents to $3.46 a gallon. The Oregon average gas price adds a penny to $3.93. This is the smallest weekly increase in the nation.

National State Local Gas Prices 2-8-22

The concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on oil prices. Russia is a member of OPEC+, and any sanctions based on Russia’s actions toward Ukraine may cause it to withhold crude oil from the global market.

“This shows how events on the other side of the globe and the other side of the country. can impact gas prices across the U.S. Unfortunately, drivers are reminded of this by higher pump prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

The price of crude oil has risen dramatically in the last two months. It was about $65 per barrel on December 1 compared to $89 today on February 8. Oil supplies were already tight and demand is expected to increase this year as global economies emerge from the coronavirus pandemic.

U.S. gasoline demand fell from 8.51 million b/d to 8.23 million b/d. Total domestic gasoline stocks grew by 2.1 million bbl to 250 million bbl last week. Usually, an increase in total stocks and a decrease in demand puts downward pressure on pump prices, but the rising cost of oil continues to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.

With the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 47 states and the District of Columbia where prices are higher now than a week ago. Oregon (+1 cent) has the smallest week-over-week increase in the nation. Ohio (+15 cents) has the largest. Utah, Idaho and Washington are the only three states with weekly declines and all are less than a penny.

California ($4.68) and Hawaii ($4.42) 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 all 50 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Mississippi ($3.11) and Arkansas ($3.13). This week no states have averages below $3 a gallon, same as a week ago. For the 57th week in a row, no state has an average below $2 a gallon.

Oregon is one of 48 states and the District of Columbia with higher prices now than a month ago. The national average is 15 cents more and the Oregon average is four cents more than a month ago. This is the 7th-smallest monthly increase in the nation. Florida (+27 cents) has the largest month-over-month increase. Utah (-8 cents) and Idaho (-4 cents) are the only states with month-over-month declines.

All 50 states and the District of Columbia have higher prices now than a year ago, and 18 states have a current average that’s a dollar or more higher than a year ago. The national average is 99 cents more and the Oregon average gas price is $1.20 more than a year ago. This is the third-largest yearly increase in the nation. California (+$1.23) has the biggest yearly increase. West Virginia (+83 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    2/8/22
1 California $4.68
2 Hawaii $4.42
3 Washington $3.95
4 Oregon $3.93
5 Nevada $3.87
6 Alaska $3.79
7 District of Columbia $3.65
8 Arizona $3.65
9 Pennsylvania $3.63
10 Illinois $3.62

California is the most expensive state for the 55th week in a row with Hawaii, Washington, Oregon, Nevada, and Alaska rounding out the top six. Arizona is eighth. Oregon is fourth for the fifth week in a row.

Six of the seven states have weekly increases. Arizona (+9 cents) has the largest weekly increase in the region. Oregon (+1 cent) has the smallest weekly increase in the region and the nation. Washington is the only state in the region with a week-over-week decrease and it’s just two-tenths of a cent.

The refinery utilization rate on the West Coast dipped from 79.9% to 79.3% for the week ending January 28. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region are steady at about 31.96 million bbl.

Oil market dynamics

 The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reported that total domestic crude stocks decreased by 1.1 million bbl to 415.1 million bbl. The current stock level is approximately 13 percent lower than at the end of January 2021, contributing to pressure on domestic crude prices. If EIA’s next report shows another inventory decline, crude prices could continue to rise.

At the close of Friday’s formal trading session, WTI increased by $2.04 to settle at $92.31. To At the close of Monday’s formal trading session, WTI fell 99 cents to settle at $91.32. Today crude is trading around $89, compared to $88 a week ago. Crude prices are about $36 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 2-7-22

Diesel

For the week, the national average soars a dime to $3.84 a gallon. Oregon’s average adds three cents to $4.16. A year ago the national average for diesel was $2.70 and the Oregon average was $2.79.

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 2/1/2022

Global Tensions Push Oil Prices Higher

Pump Prices Rise in Most States but Hold Steady in Oregon

PORTLAND, Ore., – Uncertainty over Russia’s intentions toward Ukraine is a driving force behind higher crude oil prices, which are closing in on $90 per barrel. That’s causing gas prices in many states to rise but they’re steady in Oregon for now. For the week, the national average for regular climbs four cents to $3.38 a gallon. The Oregon gas price average slips two-tenths of a cent to $3.92.

National State Local Gas Prices 2-1-2022

“Tensions along the Ukrainian border have helped push crude oil prices higher almost daily over the past week,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. Russia is a member of OPEC+, and any sanctions based on Russia’s actions toward Ukraine may cause it to withhold crude oil from the global market. Higher oil prices will lead to higher pump prices for drivers.

The price of crude oil has risen dramatically in the last two months. It was about $65 per barrel on December 1 compared to $88 today on February 1. Oil supplies were already tight and demand is expected to increase this year as global economies emerge from the coronavirus pandemic.

U.S. gasoline demand rose slightly from 8.22 million b/d to 8.51 million b/d. The increase still puts gas demand in a typical range for the winter driving season, which pre-COVID was 8.8 million b/d in mid-January 2020. Total domestic gasoline stocks grew by 1.3 million bbl to 247.9 million bbl last week, according to the U.S. Energy Information Administration (EIA). Continued growth in crude oil prices has helped maintain elevated pump prices. If oil prices continue to climb toward $90 a barrel, pump prices will likely follow suit.

With the surge of the Omicron variant, travel continues to be impacted by the coronavirus pandemic. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of six states where prices are lower now than a week ago. All the declines are less than a penny.  Idaho (-8/10ths of a cent) has the largest week-over-week decline in the nation. Florida (+12 cents) has the largest weekly increase.

California ($4.64) and Hawaii ($4.40) 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 all 50 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Mississippi ($3.02) and Texas ($3.04). This week no states have averages below $3 a gallon, compared to three a week ago. For the 56th week in a row, no state has an average below $2 a gallon.

Oregon is one of 42 states and the District of Columbia with higher prices now than a month ago. The national average is nine cents more and the Oregon gas price average is 12 cents more than a month ago. This is the 15th-largest monthly increase in the nation. Utah (-11 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 16 states have a current average that’s a dollar or more higher than a year ago. The national average is 96 cents more and the Oregon average gas price is $1.22 more than a year ago. This is the second-largest yearly increase in the nation. California (+$1.23) has the biggest yearly increase. Ohio (+77 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    2/1/22
1 California $4.64
2 Hawaii $4.40
3 Washington $3.96
4 Oregon $3.92
5 Nevada $3.81
6 Alaska $3.77
7 District of Columbia $3.60
8 Arizona $3.56
9 New York $3.56
10 Pennsylvania $3.55

California is the most expensive state for the 54th week in a row with Hawaii, Washington, Oregon, Nevada, and Alaska rounding out the top six. Arizona is eighth. Oregon is fourth for the fourth week in a row.

Six of the seven states in the region have some of the smallest changes in the nation this week with averages changing by less than a penny. Hawaii (+4 cents) has the largest weekly gain in the region.

The refinery utilization rate on the West Coast rose is relatively steady, falling from 80.3% to 79.9% for the week ending January 21. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 31.09 million bbl to 31.96 million bbl.

Oil market dynamics

The cost of crude oil rose last week despite EIA reporting that total domestic crude stocks increased by 2.4 million bbl to 416.2 million bbl. The current crude stock level is approximately 13 percent lower than in mid-January 2021, contributing to pressure on domestic crude prices. For this week, crude prices could continue to climb if EIA’s next weekly report shows a decrease in total inventory.

 At the close of Friday’s formal trading session, WTI increased by 21 cents to settle at $86.82. To At the close of Monday’s formal trading session, WTI rose $1.33 to settle at $88.15. Today crude is trading around $88, compared to $86 a week ago. Crude prices are about $36 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 1-31-2022

Diesel

For the week, the national average jumps a nickel to $3.73 a gallon. Oregon’s average adds three cents to $4.13. A year ago the national average for diesel was $2.65 and the Oregon average was $2.76.

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 1/25/2022

Gas Prices Edge Up as Global Oil Supplies Remain Tight

Oregon has second-smallest weekly increase in the country

PORTLAND, Ore., – Despite typical seasonal low demand for gasoline, pump prices are ticking up. The driving force is the rising cost of crude oil which is around $85 per barrel, about $20 more than in November. For the week, the national average for regular rises two cents to $3.34 a gallon. The Oregon gas price average edges up half a cent to $3.93. This is the second-smallest weekly increase for a state average in the country.

National State Local Gas Prices 1-25-22

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

“The price of crude oil has skyrocketed from about $65 to $85 per barrel since December 1 based on the belief that demand for crude will rise this year due to expanding economies around the world,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Last week, both OPEC and U.S. energy officials said the COVID-19 omicron variant is no longer expected to slow the continued recovery of petroleum demand in 2022. Despite this, OPEC and its allies are maintaining their planned modest production increases and will not dramatically ramp up output. The result will be a continued tight supply of oil.

U.S. gasoline demand rose slightly by 7.91 million b/d to 8.22 million b/d. The slight increase still puts gas demand in the average range for the winter driving season. Total domestic gasoline stocks rose by 5.9 million bbl to 246.6 million bbl last week, according to the U.S. Energy Information Administration (EIA). Typically, pump prices drop due to low gas demand and a rise in supply, but a steady increase in the price of crude oil has prevented this from happening. 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. Find AAA’s latest COVID-19 information for travelers here.

Quick stats

Oregon is one of 40 states and the District of Columbia with higher prices now than a week ago. Kansas (+7 cents) has the largest weekly increase in the nation. Utah (-3 cents) has the largest week-over-week decline.

California ($4.64) and Hawaii ($4.36) 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 47 states and the District of Columbia have averages above $3 a gallon.

The cheapest gas in the nation is in Kentucky ($2.97) and Mississippi ($2.98). They are among three states that have averages below $3 a gallon. For the 55th week in a row, no state has an average below $2 a gallon.

Oregon is one of 32 states and the District of Columbia with higher prices now than a month ago. The national average is a nickel more and the Oregon gas price average is 17 cents more than a month ago. This is the largest monthly increase in the nation. Utah (-14 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 15 states have a current average that’s a dollar or more higher than a year ago. The national average is 94 cents more and the Oregon average is $1.24 more than a year ago. This is the second-largest yearly increase in the nation. California (+$1.26) has the biggest yearly increase. Kentucky (+71 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    1/25/22
1 California $4.64
2 Hawaii $4.36
3 Washington $3.96
4 Oregon $3.93
5 Nevada $3.80
6 Alaska $3.77
7 Arizona $3.57
8 District of Columbia $3.56
9 Idaho $3.54
10 Pennsylvania $3.53

California is the most expensive state for the 53rd week in a row with Hawaii, Washington, Oregon, Nevada, Alaska, and Arizona rounding out the top seven. Oregon is fourth for the third week in a row.

All seven states in the region are seeing small changes this week. Hawaii (+2 cents) has the largest weekly gain in the region. Arizona (-2 cents) has the biggest week-over-week decline.

The refinery utilization rate on the West Coast rose from 76.2% to 80.3% for the week ending January 14. The rate has ranged between about 76% and 88% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region rose from 30.74 million bbl to 31.09 million bbl.

Oil market dynamics

Although crude prices ended the day on Friday down due to weather-related demand concerns, prices generally rose last week despite EIA reporting that total domestic crude stocks increased by 500,000 bbl to 413.8 million bbl. The current crude stock level is approximately 15 percent lower than in mid-January 2021, contributing to pressure on domestic crude prices. For this week, crude prices fell yesterday as markets experienced a sell-off. Oil prices could continue to climb if EIA’s next weekly report shows a decrease in total inventory.

At the close of Friday’s formal trading session, WTI decreased by 41 cents to settle at $85.14. To At the close of Monday’s formal trading session, WTI fell $1.83 to settle at $83.31. Today crude is trading around $84, compared to $85 a week ago. Crude prices are about $31 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 1-24-22

Diesel

For the week, the national average jumps six cents to $3.68 a gallon. Oregon’s average adds four cents to $4.10. A year ago the national average for diesel was $2.64 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 1/18/2022

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 gas price 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. 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 gas price 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 gas price 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. 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 gas price 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 gas price 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. 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 gas price 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 gas price news, click here