Oregon pump prices most expensive since October 2014
PORTLAND, Ore., – One week after the U.S. State Department announced the end of waivers for countries to import oil from Iran, pump prices continue to climb. The national and Oregon averages are at year-to-date highs, and the Oregon average is at its highest price in four and a half years. For the week, the national average rises three cents to $2.88 a gallon, the most expensive price since last October. The Oregon average adds four cents to $3.41 and is the most expensive since October of 2014.
“West coast drivers are really feeling the squeeze on their wallets as prices here are the most expensive in the nation. Gasoline stocks in this region have fallen for the sixth week in a row due to planned and unplanned refinery maintenance,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
AAA expects the national average to likely surpass 2018’s high of $2.97 set during Memorial Day weekend. The Oregon average has already jumped above last year’s high of $3.35 set between May 25 and June 7.
The jumps in gas prices mean Americans are having to work more to afford to fill up their gas tanks. AAA found that Americans must work 22 percent longer than at the start of the year to buy one gallon of unleaded gasoline—that’s 7.3 minutes compared to 5.76 minutes in January. In Oregon, people have to work 14.9 percent longer than on January 1—that’s 7.7 minutes now compared to 6.7 minutes at the start of the year. Working with OPIS, AAA identified the median income for each county in the country broken down to an income by minute assuming a 40-hour workweek. The average gasoline price for Monday, April 29 was compared to the income per minute.
Oregon is one of 45 states and the District of Columbia where prices are higher now than a week ago. Oregon has the 27th-largest weekly jump in the country. Utah (+12 cents) and Delaware (+11 cents) have the largest week-over-week increases. Florida has the largest weekly decrease (- 3 cents) while prices in Louisiana and Ohio are flat. California remains the only state with an average at or above $4 a gallon. Hawaii, Washington, Nevada, Oregon, Alaska, Arizona, Pennsylvania and Idaho have averages at or above $3 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 19 cents more and the Oregon average is 36 cents more than a month ago. This is the eighth-largest monthly increase in the country. Utah (+59 cents) has the largest month-over-month jump, Idaho (+49 cents) is second and California (+48 cents) is third. Florida (-1/2 cent) is the only state with a monthly decrease.
The West Coast continues to have the highest pump prices in the nation with all of the region’s states landing on the top 10 most expensive list.
California tops the list for the sixth consecutive week with Hawaii, Washington, Nevada, Oregon, Alaska and Arizona rounding out the top seven. Oregon falls to fifth most expensive after six weeks in fourth place. As mentioned above, California is the only state with an average at or above $4 a gallon. All prices in the region have increased on the week with Alaska seeing the largest gain of nearly 10 cents.
|Rank||Region||Price on 4/30/19|
The weekly report from the U.S. Energy Information Administration (EIA) for the week ending on April 19 shows that West Coast gasoline stocks fell for a sixth consecutive week by approximately 300,000 bbl from the previous week and now sit at 27.9 million bbl. If ongoing planned and unplanned refinery maintenance continues throughout the region, the West Coast may see continued price volatility and shrinking gasoline stocks.
The nation’s cheapest markets are Alabama ($2.51) and Mississippi ($2.53). For the 11th week in a row, no states have an average below $2 a gallon.
Oregon is one of 40 states and the District of Columbia where drivers are paying more than a year ago to fill up. The national average is seven cents more and the Oregon average is 21 cents more than a year ago, which is the fourth-largest yearly increase in the country. California (+47 cents), Arizona (+27 cents) and Washington (+22 cents) have the greatest year-over-year increases. Utah (-10 cents) and Michigan (-7 cents) have the largest year-over-year decreases.
Oil Market Dynamics
Crude oil prices are a little lower this week after climbing for more than a month. Prices dipped after Baker Hughes, Inc. revealed that the number of oilrigs in the U.S. fell significantly by 20, landing at 805 last week. Crude prices increased earlier in the week last week and could move higher again this week due to concerns about restricted global supply, following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran. Decreases in Iranian oil exports would tighten the supply in the global market, which has already seen decreases as a result of the ongoing U.S. sanctions against Iran and Venezuela, along with OPEC’s reduced production as a result of its 1.2-million b/d production reduction agreement with its partners. EIA’s weekly report revealed that total domestic crude inventories increased by 5.4 million bbl to 460.6 million bbl last week.
At the close of Friday’s formal trading session on the NYMEX, WTI fell $1.91 to settle at $63.30. At the close of Monday’s formal trading session on the NYMEX, WTI added 20 cents to close at $63.50. Today crude is trading around $64, compared to $66 a week ago. Crude prices are up about four percent in the last month and are about $5 per barrel less 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.
For the week, the national average adds two cents to $3.10 a gallon. Oregon’s average gains two cents to $3.29. A year ago the national average for diesel was $3.07 and the Oregon average was $3.31.
Find current fuel prices at GasPrices.AAA.com.
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