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2022 Oregon Gas Price News from AAA Oregon

For the first time since Feb. 23, the Oregon average for regular unleaded has dropped below $4 a gallon. Lower crude oil prices, lackluster demand for gas, and growing gasoline stocks are the major drivers. AAA expects that Oregon and all other states except Alaska, Hawaii and Nevada will see gasoline deflation in the coming weeks. Hawaii ($5.14) is the state with the most expensive gas in the nation for the third week in a row and is the only state with an average at or above $5 a gallon, according to the AAA survey. The cheapest gas is in Texas ($2.69) and the least expensive is in Oklahoma (2.70) The national average is 53 cents less than a month ago and the average is 82 cents more than a year ago, the AAA study found. The average price of a gallon of gas is $2.46 less than it was a year earlier. The U.S. Energy Information Administration says the national average for gasoline is $3.25 per gallon.

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Updated 12/13/2022

Oregon Average Drops Below $4 a Gallon

National Average Drops Below Year-Ago Price

PORTLAND, Ore., – For the first time since Feb. 23, the Oregon average for regular unleaded has dropped below $4 a gallon. Gas prices continue to fall in all 50 states again this week. Lower crude oil prices, lackluster demand for gas, and growing gasoline stocks are the major drivers. For the week, the national average for regular loses 14 cents to $3.25 a gallon. The Oregon average tumbles 18 cents to $3.98. Oregon has the ninth-largest weekly drop and fifth-largest monthly drop for a state in the nation.

As of last Thursday, December 8, the national average dipped below its year-ago price for the first time in 654 days. As of today, 34 states have averages that are cheaper than last year. The Oregon average is 20 cents more than a year ago. AAA expects that Oregon and all other states except Alaska, Hawaii and Nevada will see gasoline deflation in the coming weeks.

“The seasonal pattern of less driving due to shorter days and winter weather along with lower crude oil prices are causing pump prices to fall. AAA expects the national average will drop below $3 a gallon in the coming weeks,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

This month crude oil fell below $72 per barrel, the lowest price December 2021. This month, West Texas Intermediate, the U.S. benchmark, has ranged between about $71.50 and $81 per barrel. In November, WTI ranged between $76 and $92 per barrel. In October, crude ranged between $82 and $92 per barrel. In September, crude prices ranged between about $76 and $88 per barrel. Crude reached a recent high of $122.11 per barrel on June 8. The all-time high for WTI crude oil is $147.27 in July 2008.

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, and sanctions imposed on Russia by the U.S. and other western nations resulted in tighter global oil supplies. Oil supplies were already tight around the world as demand for oil increased as pandemic restrictions eased. A year ago, crude was around $71 per barrel compared to $76 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 56% of what we pay for in a gallon of gasoline is for the price of crude oil, 20% is refining, 11% distribution and marketing, and 14% are taxes, according to the U.S. Energy Information Administration.

Demand for gasoline in the U.S. is holding steady for the third consecutive week at about at 8.3 million b/d for the week ending December 2. This compares to 8.9 million b/d at this time last year. Total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower barring any supply glitches.

Quick stats

Pump prices are lower this week in all 50 states and the District of Columbia. Alaska (-27 cents) has the largest weekly drop, followed by Montana (-27 cents), California (-21 cents), Nevada (-20 cents), and Michigan (-19 cents). Oregon (-18 cents) has the ninth-largest weekly drop. Hawaii (-4 cents) has the smallest weekly decline.

Hawaii ($5.14) is the state with the most expensive gas in the nation for the third week in a row and is the only state with an average at or above $5 a gallon. California ($4.51) is second and Nevada ($4.24) is third. This week four states have averages at or above $4, 31 states and the District of Columbia have averages in the $3-range, and 15 states have averages below $3 a gallon.

The cheapest gas in the nation is in Texas ($2.69) and Oklahoma ($2.70). For the 101st week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.46 which continues to be stark.

All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 53 cents less and the Oregon average is 82 cents less than a month ago. Oregon has the fifth-largest monthly decrease in the nation. California (-93 cents) and Alaska (-91 cents) have the largest monthly decline. Hawaii (-5 cents) has the smallest.

Oregon is one of 16 states and the District of Columbia with higher prices now than a year ago. The national average is nine cents less and the Oregon average is 20 cents more than a year ago. This is the fifth-largest year-over-year increase in the nation. Hawaii (+81 cents), Nevada (+36 cents), Washington (+21 cents), and Pennsylvania (+20 cents) have the largest yearly gains. Colorado (-40 cents) has the biggest year-over-year decline.

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.

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 12/13/22 1 Hawaii $5.14 2 California $4.51 3 Nevada $4.24 4 Washington $4.09 5 Oregon $3.98 6 Alaska $3.83 7 Idaho $3.77 8 Pennsylvania $3.76 9 Arizona $3.68 10 Utah $3.61

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

All of the states in the West Coast region are seeing weekly drops. Alaska (-27 cents) has the largest in the region and the country. Hawaii (-4 cents) has the smallest in the region and country.

The refinery utilization rate on the West Coast rose from 89.7% to 91.9% for the week ending December 2. This rate has ranged between about 76% to 93% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 29.94 million bbl. to 30.74 million bbl.

Oil market dynamics

Crude prices softened last week due to a stronger dollar. Additionally, crude prices were pushed down after the EIA reported that total domestic commercial crude stocks fell by 5.2 million bbl, a lower amount than the market expected. The domestic commercial crude supply is 19 million bbl lower than the beginning of December 2021. For this week, crude prices could slide if the market continues to worry that global oil demand will stagnate or decline into 2023, especially in China, due to rising coronavirus infection rates.

At the close of Friday’s formal trading session, WTI decreased by 44 cents to settle at $71.02. At the close of Monday’s formal trading session, WTI added $2.15 to close at $73.17. Today crude is trading around $75, compared to $74 a week ago. Crude prices are about $2 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 falls 17 cents to $4.89 a gallon. The record high is $5.816 set on June 19. The Oregon average loses 19 cents to $5.09. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.60 and the Oregon average was $3.81.

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 875,000 members with travel, insurance, financial and automotive-related services, and is an affiliate of AAA National, serving more than 63 million motorists in North America.

Updated 12/6/2022

Gas Prices Keep Plunging; West Coast has Largest Drops

Oregon has second-largest weekly decline and sixth-largest monthly drop

PORTLAND, Ore., – Drivers are getting an early holiday gift as pump prices continue to plummet. They’re lower in all 50 states again this week, driven by lower crude oil prices, steady demand for gas and growing gasoline stocks. For the week, the national average for regular tumbles 14 cents to $3.38 a gallon. The Oregon average slides 26 cents to $4.16. Oregon has the second-largest weekly drop and sixth-largest monthly drop for a state in the nation.

At its meeting on Sunday, OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia, decided to maintain its output cuts of 2 million barrels per day, about 2% of world oil demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China where stringent COVID-19 lockdowns have led to reduced oil consumption in that nation.

Despite the decision from OPEC+, crude oil prices are at their lowest prices since December 2021, below $80 per barrel, and that’s helping to push pump prices lower.

“Gas prices are dropping sharply. The national average is poised to drop below $3 a gallon and the Oregon average below $4 a gallon by the end of the year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “But with oil being the main ingredient in gasoline, the move by OPEC+ had the potential to slow this decline, but it hasn’t happened yet.”

Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel. In November, crude ranged between $76 and $92 per barrel. The all-time high for WTI crude oil is $147.27 in July 2008.

Demand for gasoline in the U.S. held steady at 8.3 million b/d for the week ending November 25. This compares to 8.8 million b/d at this time last year. Total domestic gasoline stocks rose by nearly 2.8 million bbl to 213.8 million bbl. Increasing supply and steady gasoline demand should continue to push pump prices lower barring any supply glitches.

Quick stats

Pump prices are lower this week in all 50 states and the District of Columbia. California (-28 cents) has the largest weekly drop, followed by Oregon (-26 cents), Delaware (-23 cents), Nevada (-22 cents), Washington (-22 cents), Alaska (-22 cents), Indiana (-21 cents), Arizona (-21 cents), Michigan (-20 cents) and Montana (-19 cents). Hawaii (-1 cent) has the smallest weekly decline.

Hawaii ($5.18) is the state with the most expensive gas in the nation for the second week in a row and is the only state with an average at or above $5 a gallon. California ($4.72) is second and Nevada ($4.44) is third. This week six states, including Oregon, have averages at or above $4, 34 states and the District of Columbia have averages in the $3-range, and 10 states have averages below $3 a gallon.

The cheapest gas in the nation is in Texas ($2.78) and Oklahoma ($2.86). For the 100th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.40 which continues to be stark.

All 50 states and the District of Columbia have lower prices now than a month ago. The national average is 42 cents less and the Oregon average is 68 cents less than a month ago. Oregon has the sixth-largest monthly decrease in the nation. Wisconsin (-86 cents) has the largest monthly decline. Hawaii (-2 cents) has the smallest.

Oregon is one of 32 states and the District of Columbia with higher prices now than a year ago. The national average is two cents more and the Oregon average is 38 cents more than a year ago. This is the fifth-largest year-over-year increase in the nation. Hawaii (+85 cents), Nevada (+52 cents), Washington (+40 cents), and Alaska (+39 cents) have the largest yearly gains. Colorado (-30 cents) has the biggest year-over-year decline.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 12/6/22 1 Hawaii $5.18 2 California $4.72 3 Nevada $4.44 4 Washington $4.27 5 Oregon $4.16 6 Alaska $4.10 7 Idaho $3.92 8 Pennsylvania $3.86 9 Arizona $3.85 10 Utah $3.76

All of the states in the West Coast region are seeing weekly drops. California (-28 cents) has the largest in the region and the country. Hawaii (-1 cent) has the smallest in the region and country.

The refinery utilization rate on the West Coast rose from 88.7% to 89.7%for the week ending November 25. This rate has ranged between about 76% to 93% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 28.69 million bbl. to 29.94 million bbl.

Oil market dynamics

A weaker dollar contributed to decreasing crude prices at the end of last week. Earlier in the week, crude prices were boosted by the EIA reporting that total domestic commercial crude stocks fell dramatically by 12.6 million bbl. The domestic commercial crude supply is 14 million bbl lower than at the end of November 2021. For this week, crude prices could rise in response to the European Union, Australia, Japan, United States, Canada, and the U.K. beginning to implement a $60 per barrel price cap on Russian seaborne crude oil, which is meant to limit the country’s revenues in response to the Ukrainian invasion. This effort follows Sunday’s virtual meeting for the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, where the cartel agreed to keep its production reduction agreement of 2 million b/d unchanged through 2023.

At the close of Friday’s formal trading session, WTI decreased by $1.24 to settle at $79.98. At the close of Monday’s formal trading session, WTI tumbled $3.05 to close at $76.93. Today crude is trading around $75, compared to $78 a week ago. Crude prices are about $10 more than a year ago.

Diesel

For the week, the national average loses 14 cents to $5.06 a gallon. The record high is $5.816 set on June 19. The Oregon average falls 18 cents to $5.27. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.62 and the Oregon average was $3.80.

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

Updated 11/29/2022

Gas Prices Keep Sliding with Larger Drops on the West Coast

Oregon has fifth-largest weekly decline and second-largest monthly drop

PORTLAND, Ore., – Pump prices and crude oil prices are doing a nosedive. Gas prices are down in all 50 states this week, with Oregon and the other West Coast states seeing some of the biggest declines. For the week, the national average for regular loses 12 cents to $3.52 a gallon. The Oregon average plummets 19 cents to $4.42. Oregon has the fifth-largest weekly drop and second-largest monthly drop for a state in the nation.

Crude oil prices are at their lowest prices since December 2021, below $80 per barrel, and that’s helping to push pump prices lower. Extreme coronavirus restrictions in China and concerns over a global recession are the major driving factors behind the lower crude oil prices.

Crude oil prices rose above $90 briefly earlier this month but have been lower than $80 for the past week. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. fell from 8.74 million to 8.33 million b/d for the week ending November 18. This compares to 9.33 million b/d at this time last year. Total domestic gasoline stocks rose by more than 3 million bbl to 211 million bbl. Increasing supply and fewer drivers fueling up have pushed pump prices lower. As demand remains low and stocks grow, drivers will likely see pump prices keep falling barring any supply glitches.

Quick stats

Pump prices are lower this week in all 50 states and the District of Columbia. Alaska (-28 cents) has the largest weekly drop, and California (-21 cents) has the second-largest drop. Hawaii (-4/10ths of a cent) has the smallest weekly decline.

For the first time in 12 weeks, Hawaii ($5.20) bumps California ($4.99) as the state with the most expensive gas in the country. Hawaii is now the only state with an average at or above $5 a gallon. This week eight states, including Oregon, have averages at or above $4, and 42 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Texas ($2.87) and Mississippi ($3.02). For the 99th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.33 which continues to be stark.

Oregon is one of 49 states and the District of Columbia with lower prices now than a month ago. The national average is 24 cents less and the Oregon average is 56 cents less than a month ago. Oregon has the second-largest monthly decrease in the nation. California (-59 cents) has the largest monthly declines. Florida (+7 cents) is the only state with a month-over-month increase.

Oregon is one of 40 states and the District of Columbia with higher prices now than a year ago. The national average is 13 cents more and the Oregon average is 63 cents more than a year ago. This is the third-largest year-over-year increase in the nation. Hawaii (+84 cents) and Nevada (+70 cents) have the largest yearly gains. Colorado (-20 cents) has the biggest year-over-year decline.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 11/29/22 1 Hawaii $5.20 2 California $5.00 3 Nevada $4.67 4 Washington $4.49 5 Oregon $4.42 6 Alaska $4.32 7 Idaho $4.09 8 Arizona $4.06 9 Pennsylvania $3.96 10 Utah $3.90

As mentioned above, Hawaii bumps California as the most expensive state for the first time in 12 weeks. Nevada, Washington, Oregon, and Alaska round out the top six. Arizona is eighth. Oregon is fifth most expensive for the third week in a row.

All of the West Coast states are seeing weekly drops. Alaska (-28 cents) has the largest in the region and the country. Hawaii (-4/10ths of a cent) has the smallest in the region and country.

The refinery utilization rate on the West Coast fell from 92.7% to 887% for the week ending November 18. This rate has ranged between about 76% to 93% in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 27.99 million bbl. to 28.69 million bbl.

Oil market dynamics

Crude oil prices dropped last week despite the EIA reporting that total domestic commercial crude stocks had declined substantially by 3.7 million bbl. Instead, prices declined because the market is concerned that oil demand could decrease due to growing economic concerns. For this week, persistent concerns that economic growth might stall or reverse course could push prices lower. However, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, collectively known as OPEC+, are meeting on December 4. In October, OPEC+ decided to cut its collective crude oil output by 2 million b/d through 2023. If OPEC+ decides to revise its production reduction agreement to more than 2 million b/d, prices could spike.

At the close of Friday’s formal trading session, WTI decreased by $1.66 to settle at $76.28. At the close of Monday’s formal trading session, WTI added 96 cents to close at $77.24. Today crude is trading around $78, compared to $81 a week ago. Crude prices are about $9 more than a year ago.

Diesel

For the week, the national average loses nine cents to $5.20 a gallon. The record high is $5.816 set on June 19. The Oregon average falls six cents to $5.46. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.64 and the Oregon average was $3.82.

Diesel supplies are tight in parts of the U.S., especially in parts of the eastern U.S. However, recent reports that the U.S. has less than a month worth of diesel aren’t accurate. While the U.S. Energy Information Administration shows the U.S. has 27.1 days’ worth of supply of diesel for the week ending November 18, this number actually measures supply IF no more diesel would be produced in the U.S. or imported from other countries. Supplies of diesel have slowly been rising, up from 25.4 days of diesel supply for the week ending Oct. 14. In 2019, diesel supplies were also very tight with the EIA reporting a low of 26.5 days.

Diesel supplies have been impacted by the same factors that have caused supply and demand issues in other industries including the pandemic and the Russian invasion of Ukraine. Tight supplies could result in climbing prices for diesel, but there have not been significant increases yet.

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

Updated 11/22/2022

Pump Prices Plummet ahead of Thanksgiving

But gas prices are the most expensive ever for the holiday

PORTLAND, Ore., – Drivers fueling up ahead of Thanksgiving will find falling pump prices in all 50 states. Unfortunately, gas prices will be the most expensive ever for the holiday. For the week, the national average for regular tumbles 12 cents to $3.76 a gallon. The Oregon average plunges 17 cents to $4.77. This is the fifth-largest weekly drop for a state in the nation.

AAA projects 54.6 million Americans (16.4% of the population) will travel 50 miles or more from home for the Thanksgiving holiday, up 1.5% from 2021. This year is expected to be the third-busiest for Thanksgiving travel since AAA started tracking in 2000, only behind 2005 and 2019. About 777,000 Oregonians will head over the river and through the woods for turkey and all the trimmings. Find details and tips for travelers in the AAA Thanksgiving news release.

“Gas prices have never been more expensive for Thanksgiving with the national and Oregon averages at their highest prices ever for the holiday. Those who hit the road for Thanksgiving will find gas prices that are as much as 90 cents a gallon more expensive than last year,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Still, we can be thankful that pump prices are moving in the right direction for now.

Crude oil prices are at their lowest prices in 10 months and that’s helping to put downward pressure on pump prices. Crude prices remained in a fairly tight range between about $85 and $93 per barrel for several weeks until this week when prices fell to $80 as markets focused on a potential slowdown for global economies, driven by the seemingly increasing COVID-19 outbreak in China.

Crude oil prices climbed above $90 briefly earlier this month. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. fell from 9.01 million to 8.74 million b/d for the week ending November 11.

This compares to 9.24 million b/d at this time last year. rose by nearly 2.2 million bbl to 207.9 million bbl. Increasing supply and falling demand have helped to push pump prices lower. As demand remains low and stocks grow, drivers will likely see pump prices dip through the Thanksgiving holiday.

Quick stats

Pump prices are lower this week in all 50 states and the District of Columbia. Wisconsin (-24 cents) has the largest weekly drop. Hawaii (-1 cent) has the smallest weekly decline.

California ($5.12) has the most expensive gas in the country for the 11th week in a row. California and Hawaii ($5.20) are the only two states with averages at or above $5 a gallon. This week nine states, including Oregon, have averages at or above $4, and 41 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Texas ($2.98) and Georgia ($3.09). For the 98th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.23 which continues to be stark.

Oregon is one of 39 states and the District of Columbia with lower prices now than a month ago. The national average is 17 cents less and the Oregon average is 51 cents less than a month ago. Oregon has the third-largest monthly decrease in the nation. California (-58 cents) and Alaska (-55 cents) have the largest monthly declines. Maine (+22 cents) has the largest month-over-month increase.

Oregon is one of 47 states and the District of Columbia with higher prices now than a year ago. The national average is 23 cents more and the Oregon average is 82 cents more than a year ago. This is the fourth-largest year-over-year increase in the nation. Alaska (+87 cents) and Hawaii (+86 cents) have the largest yearly gains. Georgia (-14 cents) has the biggest year-over-year decline.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 11/22/22 1 California $5.21 2 Hawaii $5.20 3 Nevada $4.83 4 Washington $4.64 5 Oregon $4.60 6 Alaska $4.60 7 Idaho $4.18 8 Arizona $4.17 9 Pennsylvania $4.01 10 Utah $3.97

As mentioned above, California is the most expensive state for the 11th consecutive week with Hawaii, Nevada, Washington, Oregon, and Alaska rounding out the top six. Arizona is eighth. Oregon is fifth most expensive for the second week in a row.

All of the West Coast states are seeing weekly drops. California (-22 cents) has the largest in the region. Hawaii (-1 cent) has the smallest.

The refinery utilization rate on the West Coast rose from 90.1% to 92.7% for the week ending November 11. This is the highest rate in the last year.

According to EIA’s latest weekly report, total gas stocks in the region increased from 27.19 million bbl. to 27.99 million bbl.

Oil market dynamics

Although crude prices jumped at the end of the week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.

At the close of Friday’s formal trading session, WTI decreased by $1.56 to settle at $80.08. At the close of Monday’s formal trading session, WTI lost 35 cents to close at $79.73, the first time WTI closed below $80 a barrel since Sept. 30. Today crude is trading around $82, compared to $87 a week ago. Crude prices are about $4 more than a year ago.

Diesel

For the week, the national average loses seven cents to $5.29 a gallon. The record high is $5.816 set on June 19. The Oregon average falls a nickel to $5.51. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.64 and the Oregon average was $3.80.

Diesel supplies are tight in parts of the U.S., especially in parts of the eastern U.S. However, recent reports that the U.S. has less than a month worth of diesel aren’t accurate. While the U.S. Energy Information Administration shows the U.S. has 26.6 days’ worth of supply of diesel for the week ending November 11, this number actually measures supply IF no more diesel would be produced in the U.S. or imported from other countries. Supplies of diesel have slowly been rising, up from 25.4 days of diesel supply for the week ending Oct. 14. In 2019, diesel supplies were also very tight with the EIA reporting a low of 26.5 days.

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

Updated 11/15/2022

Pump Prices Continue to Slide as Thanksgiving Approaches

PORTLAND, Ore., – Most states including Oregon are seeing prices at the pumps decline as travelers get ready for Thanksgiving travel next week. U.S. demand for gas has increased but fluctuating crude oil prices have helped keep pump prices in check. For the week, the national average for regular dips four cents to $3.76 a gallon. The Oregon average drops six cents to $4.77. This is the 10th-largest weekly drop for a state in the nation.

“Crude oil prices have remained in a fairly tight range between about $85 and $93 per barrel for several weeks. The national average has barely budged, but pump prices here on the West Coast have fallen 77 cents since October 9,” says,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. Gas prices soared on the West Coast starting in late September when several refineries underwent planned and unplanned maintenance, putting a severe crimp in supplies.

Crude oil prices rose above $90 briefly earlier this month but fell back into the mid-$80 range on news of an increase in coronavirus cases in China. Monday, the Organization of the Petroleum Exporting Countries (OPEC) slightly lowered its forecast for global oil demand in its monthly report. These factors have created head winds for crude oil prices. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. rose from 8.66 million b/d to 9.01 million b/d for the week ending November 4. This compares to 9.26 million b/d at this time last year. Total domestic gasoline stocks decreased by nearly 1 million bbl to 205.7 million bbl. Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.

Quick stats

Oregon is one of 39 states and the District of Columbia with lower prices week-over-week. Wisconsin (-24 cents) has the largest weekly decline. Nebraska (+4 cents) has the largest weekly gain. The averages in Kansas and Maine are flat.

California ($5.42) has the most expensive gas in the country for the 10th week in a row. California and Hawaii ($5.21) are the only two states with averages at or above $5 a gallon. This week 12 states, including Oregon, have averages at or above $4, and 38 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Texas ($3.10) and Georgia ($3.16). For the 97th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.32 which continues to be stark.

Oregon is one of 38 states and the District of Columbia with lower prices now than a month ago. The national average is 13 cents less and the Oregon average is 60 cents less than a month ago. Oregon has the third-largest monthly decrease in the nation. Alaska (-73 cents) and California (-68 cents) have the largest monthly declines. Maine (+29 cents) has the largest month-over-month increase.

Oregon is one of 48 states and the District of Columbia with higher prices now than a year ago. The national average is 34 cents more and the Oregon average is 99 cents more than a year ago. This is the third-largest year-over-year increase in the nation. Nevada (+$1.02) and Alaska (+$1.00) have the largest yearly gains. Georgia (-9 cents) and Colorado (-3 cents) are the only states with year-over-year declines.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 11/15/22 1 California $5.42 2 Hawaii $5.21 3 Nevada $4.99 4 Washington $4.80 5 Oregon $4.77 6 Alaska $4.72 7 Arizona $4.25 8 Idaho $4.25 9 Illinois $4.14 10 Pennsylvania $4.08

As mentioned above, California is the most expensive state for the 10th consecutive week with Hawaii, Nevada, Washington, Oregon, Alaska, and Arizona rounding out the top seven. Oregon slips to fifth after two weeks at fourth.

Five of the West Coast states are seeing weekly drops. Oregon (-6 cents) has the largest in the region, followed by California (-3 cents), Alaska (-3 cents), Washington (-2 cents), and Arizona (-1 cent). Nevada (+3 cents) and Hawaii (+1/10th of a cent) have week-over-week increases.

The refinery utilization rate on the West Coast rose from 84.7% to 90.1% for the week ending November 4. 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 26.20 million bbl.to 27.19 million bbl.

Oil market dynamics

Although crude prices jumped at the end of last week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.

At the close of Friday’s formal trading session, WTI increased by $2.49 to settle at $88.96. At the close of Monday’s formal trading session, WTI lost 82 ce$3.09 to close at $85.87. Today crude is trading around $87, compared to $89 a week ago. Crude prices are about $5 more than a year ago.

Diesel

For the week, the national average adds a penny to $5.36 a gallon. The record high is $5.816 set on June 19. Oregon’s average is flat at $5.56. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.65 and the Oregon average was $3.78.

Diesel supplies are tight in parts of the U.S., especially in parts of the eastern U.S. However, recent reports that the U.S. has less than a month worth of diesel aren’t accurate. While the U.S. Energy Information Administration shows the U.S. has 26 days’ worth of supply of diesel for the week ending November 4, this number actually measures supply IF no more diesel would be produced in the U.S. or imported from other countries. Supplies of diesel have slowly been rising, up from 25.4 days of diesel supply for the week ending Oct. 14. In 2019, diesel supplies were also very tight with the EIA reporting a low of 26.5 days.

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

Updated 11/8/2022

National Average Ticks Up while Oregon has Largest Weekly Drop in the Nation

PORTLAND, Ore., – Rising oil prices fueled by worries over Russian oil production cuts have put upward pressure on pump prices, sending the national average higher. But Oregon and other West Coast states are bucking the trend, with gas prices continuing to decline. For the week, the national average for regular adds a nickel to $3.80 a gallon. The Oregon average falls 11 cents to $4.83. This is the largest weekly drop for a state in the nation.

“Oil prices have risen, in part due to concerns of tight global supplies as the European Union’s embargo on Russia’s seaborne crude exports will start in early December. Higher crude oil prices generally result in higher pump prices. However, reports of new COVID-19 restrictions in China signal a potential economic slowdown for the world’s top oil-consuming nation, so higher oil prices could be short-lived,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Crude oil prices rose above $90 last week for the first time since October 7. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. dipped slightly from 8.93 million b/d to 8.66 million b/d for the week ending October 28. This compares to 9.50 million b/d at this time last year. Total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Pump prices could increase if supply remains tight alongside rising oil prices.

Quick stats

Oregon is one of 22 states with lower prices week-over-week. West Coast states have the largest weekly drops: Oregon (-11 cents), Alaska (-9 cents), California (-9 cents), and Washington (-9 cents). Indiana (+33 cents) has the largest weekly gain. The average in Texas is flat.

California ($5.45) has the most expensive gas in the country for the ninth week in a row. California and Hawaii ($5.21) are the only two states with averages at or above $5 a gallon. This week 13 states, including Oregon, have averages at or above $4, and 37 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Georgia ($3.13) and Texas ($3.17). For the 96th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.33 which continues to be significant.

Oregon is one of 36 states with lower prices now than a month ago. The national average is 10 cents more and the Oregon average is 71 cents less than a month ago. Oregon has the third-largest monthly decrease in the nation. California (-90 cents) and Alaska (-79 cents) have the largest monthly declines. Rhode Island (+41 cents) has the largest month-over-month jump.

Oregon is one of 49 states and the District of Columbia with higher prices now than a year ago. The national average is 38 cents more and the Oregon average is $1.06 more than a year ago. This is the largest year-over-year increase in the nation, followed by Alaska (+$1.03), Nevada (+$1.01), Washington (+95 cents), Hawaii (+87 cents), and California (+83 cents). Colorado (+1/10th of a cent) has the smallest year-over-year increase. Georgia (-12 cents) is the only state with a year-over-year decrease.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 11/8/22 1 California $5.45 2 Hawaii $5.21 3 Nevada $4.96 4 Oregon $4.83 5 Washington $4.82 6 Alaska $4.74 7 Illinois $4.29 8 Idaho $4.29 9 Arizona $4.26 10 Michigan $4.19

As mentioned above, California is the most expensive state for the ninth consecutive week with Hawaii, Nevada, Oregon, Washington, and Alaska rounding out the top six. Arizona is ninth. Oregon is fourth for the second week in a row.

Several West Coast states have the largest weekly drops in the nation: Oregon (-11 cents), Alaska (-9 cents), California (-9 cents), and Washington (-9 cents). Arizona (-3 cents), Nevada (-1 cent) and Hawaii (-3/10th of a cent) are also seeing week-over-week declines.

The refinery utilization rate on the West Coast rose from 81.1% to 84.7% for the week ending October 28. 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 26.16 million bbl. to 26.20 million bbl.

Oil market dynamics

Crude prices spiked at the end of last week after the dollar dropped in value. Commodities such as crude oil are priced in U.S. dollars. A weaker dollar can increase demand for oil by making it more attractive to investors using other currencies. Moreover, the price of oil rose after the EIA reported that total domestic crude stocks had declined by 3.1 million bbl. However, for this week, crude oil prices could face headwinds if market concerns regarding the likelihood of a recession persist. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.

At the close of Friday’s formal trading session, WTI increased by $4.44 to settle at $92.61. At the close of Monday’s formal trading session, WTI lost 82 cents to close at $91.79. Today crude is trading around $91, compared to $88 a week ago. Crude prices are about $10 more than a year ago.

Diesel

For the week, the national average climbs four cents to $5.35 a gallon. The record high is $5.816 set on June 19. Oregon’s average loses a nickel to $5.56. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.64 and the Oregon average was $3.78.

Diesel supplies are tight in parts of the U.S., especially in parts of the eastern U.S. However, recent reports that the U.S. has less than a month worth of diesel aren’t accurate. While the U.S. Energy Information Administration shows the U.S. has 25.8 days’ worth of supply of diesel for the week ending Oct. 28, this number actually measures supply IF no more diesel would be produced in the U.S. or imported from other countries. Supplies of diesel have slowly been rising, up from 25.4 days of diesel supply for the week ending Oct. 14. In 2019, diesel supplies were also very tight with the EIA reporting a low of 26.5 days.

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

Updated 11/1/2022

Gas Prices Drift Lower

Oregon has third-largest weekly drop

PORTLAND, Ore., – Gas prices continue to fall as expected this time of year with Oregon and other West Coast states again seeing the largest declines in the nation. Tepid demand for gas and crude oil prices below $90 per barrel are the main drivers. For the week, the national average for regular slips two cents to $3.76 a gallon. The Oregon average loses 11 cents to $4.95. This is the third-largest weekly drop for a state in the nation, only behind Alaska (-21 cents) and California (-17 cents).

“Gas prices have been falling for the last three weeks. Here on the West Coast, pump prices shot up in late September after several regional refineries underwent planned and unplanned maintenance, putting a significant crimp in supplies,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Barring unforeseen events, lackluster demand for gas in the U.S. along with relatively low crude oil prices should continue to put downward pressure on pump prices.”

The Oregon average came within a penny of reaching a new record high last month when it got to $5.54 a gallon on October 9. The national average climbed to $3.92 on October 11. Both the national and Oregon averages hit record highs in mid-June, then declined for 14 consecutive weeks before rising again starting in late September. 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.

Crude oil prices have stayed below $90 per barrel since October 10. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In October, crude ranged between $82 and $92 per barrel.

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. increased slightly from 8.68 million b/d to 8.93 million b/d for the week ending October 21. This is nearly 400,000 bbl lower than this time last year. Total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. If demand remains low and oil prices don’t spike, pump prices will likely keep falling.

Quick stats

Oregon is one of 34 states and the District of Columbia with lower prices week-over-week. West Coast states have the largest weekly drops: Alaska (-21 cents), California (-17 cents), Oregon (-11), and Washington (-9 cents). Rhode Island (+27 cents) has the largest weekly gain.

California ($5.54) has the most expensive gas in the country for the eighth week in a row. California and Hawaii ($5.21) are the only two states with averages at or above $5 a gallon. This week 11 states, including Oregon, have averages at or above $4, and 39 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Georgia ($3.15) and Texas ($3.17). For the 95th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.39 which is significant.

Oregon is one of 27 states and the District of Columbia with lower prices now than a month ago. The national average is four cents less and the Oregon average is 46 cents less than a month ago. Oregon has the third-largest monthly decrease in the nation. California (-82 cents) and Nevada (-51 cents) have the largest monthly declines. Rhode Island (+46 cents) has the largest month-over-month jump.

Oregon is one of 48 states and the District of Columbia with higher prices now than a year ago. The national average is 36 cents more and the Oregon average is $1.17 more than a year ago. This is the largest year-over-year increase in the nation, followed by Alaska (+$1.12), Washington (+$1.03), Nevada (+$1.03), California (+94 cents), Hawaii (+90 cents) and Arizona (+77 cents)—all of the states in the West Coast region. Colorado (+2 cents) has the smallest year-over-year increase. Georgia (-10 cents) and Florida (-2 cents) are the only two states with year-over-year declines.

West Coast

Refinery issues in California in September and October exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 11/1/22 1 California $5.54 2 Hawaii $5.21 3 Nevada $4.97 4 Oregon $4.95 5 Washington $4.91 6 Alaska $4.84 7 Idaho $4.33 8 Arizona $4.29 9 Illinois $4.16 10 Utah $4.14

As mentioned above, California is the most expensive state for the eighth consecutive week with Hawaii, Nevada, Oregon, Washington, and Alaska rounding out the top six. Arizona is eighth. Oregon slips to fourth after five weeks at third.

Four of the seven states in the region are seeing the largest weekly declines in the country: Alaska (-21 cents), California (-17 cents), Oregon (-11), and Washington (-9 cents). Nevada (-7 cents) and Arizona (-6 cents) also have week-over-week declines. Hawaii (+1/2 cent) is the only state in the region with a weekly gain.

The refinery utilization rate on the West Coast fell from 82.3% to 81.1% for the week ending October 21. 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 25.89 million bbl. to 26.16 million bbl.

Oil market dynamics

A lower dollar contributed to price increases earlier last week; however, market concerns about global crude demand, after China announced more COVID lockdowns, sent prices lower at the end of the week. For this week, persistent market concerns that economic growth will stall or decline, alongside decreased crude oil demand, could put downward pressure on prices.

At the close of Friday’s formal trading session, WTI decreased by $1.18 to settle at $87.90. At the close of Monday’s formal trading session, WTI lost $1.37 cents to close at $86.53. Today crude is trading around $88, compared to $85 a week ago. Crude prices are about $3 more than a year ago.

Diesel

For the week, the national average dips a penny to $5.31 a gallon. The record high is $5.816 set on June 19. Oregon’s average loses a nickel to $5.61. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.63 and the Oregon average was $3.77.

Diesel supplies are tight in parts of the U.S., especially in parts of the eastern U.S. However, reports that the U.S. has less than a month worth of diesel aren’t accurate. While the U.S. Energy Information Administration shows the U.S. has 25.9 days’ worth of supply of diesel, this number actually measures supply IF no more diesel would be produced in the U.S. or imported from other countries. Supplies of diesel have slowly been rising, up from 25.4 days of diesel supply for the week ending Oct. 14 to the current 25.9 days. In 2019, diesel supplies were also very tight with the EIA reporting a low of 26.5 days.

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

Updated 10/25/2022

Fewer Tricks and More Treats for Oregon drivers as October Winds Down

Oregon and other West Coast states see largest weekly drops in pump prices

PORTLAND, Ore., – Pump prices have been falling every day for more than two weeks with Oregon and other West Coast states seeing the biggest weekly drops in the nation. Lower crude oil prices and fewer drivers than usual fueling up are helping to drive the decreases. For the week, the national average for regular drops 10 cents to $3.78 a gallon. The Oregon average tumbles 24 cents to $5.05. This is the third-largest weekly drop for a state in the nation, only behind Alaska (-36 cents) and California (-29 cents).

The Oregon average came within a penny of reaching a new record high this month when it got to $5.54 a gallon on October 9. It has decreased every day since then. The national average climbed to $3.92 on October 11 and has fallen every day since then. Refinery outages in the West Coast region and the resulting drop in supplies helped fuel the dramatic pump price increases in this area.

Both the national and Oregon averages hit record highs in mid-June, then declined for 14 consecutive weeks before rising again starting in late September. 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.

“Crude oil prices have been tempered by fears of a global recession along with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December. This should help take pressure off pump prices, bringing some relief to drivers and their wallets,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Crude oil prices have stayed below $90 per barrel since October 10. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. So far in October, crude has ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. increased slightly from 8.28 million b/d to 8.68 million b/d for the week ending October 14. This is about 1 million b/d less than a year ago. Total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl. If demand remains low and oil prices don’t spike, pump prices will likely keep falling.

Quick stats

All 50 states and the District of Columbia have lower prices week-over-week. West Coast states have the largest weekly drops: Alaska (-36 cents), California (-29 cents), Oregon (-24), Washington (-23 cents) and Nevada (-19).

California ($5.71) has the most expensive gas in the country for the seventh week in a row, but the state average has dropped below $6 a gallon. Five states, including Oregon, have averages at or above $5 a gallon. This week 12 states have averages at or above $4, and 38 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Georgia ($3.19) and Texas ($3.20). For the 94th week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.52 which is stark.

Oregon is one of 32 states and the District of Columbia with higher prices now than a month ago. The national average is six cents more and the Oregon average is nine cents more than a month ago. Oregon has the 19th-largest monthly increase in the nation. Delaware (+27 cents) has the largest month-over-month jump. Colorado (-15 cents) has the largest monthly drop.

Oregon is one of 48 states and the District of Columbia with higher prices now than a year ago. The national average is 39 cents more and the Oregon average is $1.27 more than a year ago. This is the second-largest yearly increase in the nation. Alaska (+$1.32) has the biggest yearly increase. Florida (+3 cents) has the smallest year-over-year increase. Georgia (-5 cents) and Connecticut (-3 cents) are the only two states with year-over-year declines.

West Coast

Refinery issues in California in September and earlier this month exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to skyrocket.

Rank Region Price on 10/25/22 1 California $5.71 2 Hawaii $5.21 3 Oregon $5.05 4 Alaska $5.05 5 Nevada $5.04 6 Washington $4.99 7 Idaho $4.36 8 Arizona $4.35 9 Illinois $4.21 10 Utah $4.19

As mentioned above, California is the most expensive state for the seventh consecutive week with Hawaii, Oregon, Alaska, Nevada, and Washington rounding out the top six. Arizona is eighth. Oregon is third most expensive for the fifth consecutive week.

Five of the seven states in the region are seeing the largest weekly declines in the country: Alaska (-36 cents), California (-29 cents), Oregon (-24), Washington (-23 cents) and Nevada (-19). Arizona (-10 cents) has the 12th-largest weekly drop. Hawaii (-2 cents) as the 43rd-largest week-over-week decline.

The refinery utilization rate on the West Coast rose from 80.1% to 82.3% for the week ending October 14. 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 24.80 million bbl. to 25.89 million bbl.

Oil market dynamics

Although crude prices increased after the EIA reported that total domestic commercial crude inventories dropped by 1.7 million bbl to 437.4 million bbl last week, the price of oil had declined earlier in the week due to ongoing market concerns about crude demand as recession fears increased. If the market remains concerned about the rate of economic growth this week, crude prices could decline.

At the close of Friday’s formal trading session, WTI increased by 54 cents to settle at $85.05. At the close of Monday’s formal trading session, WTI slipped 47 cents to close at $84.58. Today crude is trading around $85, compared to $83 a week ago. Crude prices are about $1 more than a year ago.

Diesel

For the week, the national average edges up 2 cents to $5.32 a gallon. The record high is $5.816 set on June 19. Oregon’s average falls six cents to $5.67. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.61 and the Oregon average was $3.77.

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

Updated 10/18/2022

Oregon and other West Coast states see Big Drops at the Pumps

Oregon has second-largest weekly decline in the nation

PORTLAND, Ore., – Oregon and other West Coast states are seeing some of the biggest weekly decreases in the nation. Gasoline supplies in the area are returning to normal as regional refinery issues are resolved. In addition, falling crude oil prices and demand for gas in the U.S. are also helping to push pump prices lower. For the week, the national average for regular loses five cents to $3.87 a gallon. The Oregon average plummets 22 cents to $5.30. This is the second-largest weekly drop for a state in the nation.

The Oregon average came within a penny of reaching a new record high this month when it got to $5.54 a gallon. It has decreased 24 cents since then. Both the national and Oregon averages hit record highs in mid-June, then declined for 14 consecutive weeks before rising again for the last three weeks. 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.

“Pump prices on the West Coast soared last month after several California refineries underwent planned or unplanned maintenance creating a huge drop in supplies in this region. The situation is getting back to normal and pump prices in this region should continue to decline, barring unforeseen events,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Crude oil prices are again below $90 per barrel due to global economic concerns. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. So far in October, crude has ranged between $82 and $92 per barrel.

Demand for gasoline in the U.S. decreased from 9.47 million b/d to 8.28 million b/d for the week ending October 7. This is significantly less than a year ago at this time when demand was 9.2 million b/d. Total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl. Falling demand and increasing stocks should put downward pressure on pump prices, especially with decreasing crude oil prices.

Quick stats

Oregon is one of 32 states with lower prices now than a week ago. California (-29 cents) has the largest weekly drop in the nation. Oregon (-22 cents) has the second-largest week-over-week decline. Florida (+6 cents) has the largest weekly increase.

California ($6.00) has the most expensive gas in the country for the sixth week in a row and is the only state with an average at or above $6 a gallon. Six states, including Oregon, have averages at or above $5 a gallon. This week 13 states have averages at or above $4, and 37 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Georgia ($3.25) and Texas ($3.29). For the 93rd week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $2.75 which is stark.

Oregon is one of 40 states with higher prices now than a month ago. The national average is 19 cents more and the Oregon average is 65 cents more than a month ago. Oregon has the second-largest monthly increase in the nation. Alaska (+75 cents) has the largest month-over-month jump. New York (-11 cents) has the largest monthly drop.

All 50 states and the District of Columbia have higher prices now than a year ago. The national average is 55 cents more and the Oregon average is $1.53 more than a year ago. This is the second-largest yearly increase in the nation. Alaska (+$1.70) has the biggest yearly increase. Connecticut (+8 cents) has the smallest year-over-year increase.

West Coast

Refinery issues in California in September and earlier this month exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to soar.

Rank Region Price on 10/18/22 1 California $6.00 2 Alaska $5.40 3 Oregon $5.30 4 Nevada $5.23 5 Hawaii $5.23 6 Washington $5.22 7 Arizona $4.46 8 Idaho $4.40 9 Illinois $4.32 10 Utah $4.23

As mentioned above, California is the most expensive state for the sixth consecutive week with Alaska, Oregon, Nevada, Hawaii, Washington, and Arizona rounding out the top seven. Oregon is third most expensive for the fourth consecutive week.

All seven states in the region are seeing some of the largest declines in the country: California (-29 cents), and Oregon (-22 cents) have the largest weekly drops in the nation. Washington (-17 cents) has the fourth-largest weekly drop. Nevada (-17 cents) has the fifth-largest; Alaska (-14 cents) has the seventh-largest, and Arizona (-11 cents) has the 10th-largest weekly decline.

The refinery utilization rate on the West Coast fell from 83.3% to 80.1% for the week ending October 7. 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 24.68 million bbl.to 24.80 million bbl.

Oil market dynamics

Crude prices decreased last week as global economic fears pulled crude prices lower. For this week, crude prices could continue to weaken as interest rates rise globally, which could lead to an economic slowdown or recession. If a recession occurs, crude prices would likely fall alongside demand. Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased by 9.9 million bbl to 439.1 million bbl.

At the close of Friday’s formal trading session, WTI decreased by $3.50 to settle at $85.61. At the close of Monday’s formal trading session, WTI slipped 15 cents to close at $85.46. Today crude is trading around $83, compared to $89 a week ago. Crude prices are about $1 more than a year ago.

Diesel

For the week, the national average jumps 28 cents to $5.30 a gallon. The record high is $5.816 set on June 19. Oregon’s average rises a dime to $5.74. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.54 and the Oregon average was $3.74.

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

Updated 10/11/2022

West Coast Gas Price Jumps Ease

Regional refineries come back online

PORTLAND, Ore., – Pump prices on the West Coast are finally settling down after three weeks of significant gains. Refineries in this region are coming back online after undergoing planned and unplanned maintenance. This is helping to ease the severe supply crunch. However, higher crude oil prices continue to put upward pressure on gas prices. For the week, the national average for regular adds 11 cents to $3.92 a gallon. The Oregon average climbs six cents to $5.52. Oregon went from having the fifth-largest weekly jump for a state last week to the 41st largest increase this week.

The Oregon average came within a penny of reaching a new record high this month when it got to $5.54 a gallon. It has decreased slightly since then. Both the national and Oregon averages hit record highs in mid-June, then declined for 14 consecutive weeks before rising again for the last three weeks. 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.

“Pump prices on the West Coast skyrocketed after at least six refineries in California went offline or were operating at reduced capacity. This put a major dent in supplies in this region. Our pump prices shot up and also put upward pressure on the national average for gas,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “The improving refinery situation and the switch to winter blend fuel should help ease the upward momentum in gas prices, as long as crude oil prices don’t see significant gains.”

The change from summer blend gas to winter blend gas normally puts downward pressure on pump prices because winter blend gas is cheaper to produce. Summer blend fuel is more environmentally friendly than winter blend. It has a lower Reid vapor pressure, which means it is less volatile and doesn’t evaporate as quickly in hot weather. The switchover from summer- to winter blend can start on September 15 in most areas; however, in California the switch normally occurs on Oct. 31. This year, because of the supply issues, California Governor Gavin Newsom called for the switch to begin a month early.

Refineries typically perform maintenance in the spring and/or fall ahead of the seasonal switch. Most refineries in the U.S. are more than 50 years old. Some are more than 100 years old. Maintenance is necessary to keep refineries running smoothly.

Last week’s decision by OPEC+ to cut oil production by two million barrels a day has caused crude oil prices to rise back above $90 per barrel. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. So far in October, crude has ranged between $82 and $92 per barrel.

Despite rising pump prices, demand for gasoline in the U.S. increased from 8.83 million b/d to 9.47 million b/d for the week ending September 30. This is similar to last year at this time when demand was 9.43 million b/d. The increase may have been due to some prep ahead of Hurricane Ian as people fueled up before the storm.

Total domestic gasoline stocks decreased significantly by 4.7 million bbl to 207.5 million bbl. High gasoline demand, amid tight supply, has led to higher pump prices nationwide.

Quick stats

Oregon is one of 47 states and the District of Columbia with higher prices now than a week ago, and 32 states have double-digit increases. Delaware (+31 cents) has the largest weekly jump in the nation. California (-12 cents) has the largest weekly decline.

California ($6.29) has the most expensive gas in the country for the fifth week in a row and is the only state with an average above $6 a gallon. Six states, including Oregon, have averages at or above $5 a gallon. This week 13 states have averages at or above $4, and 37 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Georgia ($3.25) and Mississippi ($3.30). For the 92nd week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $3.04 which is extreme.

Oregon is one of 35 states with higher prices now than a month ago. The national average is 21 cents more and the Oregon average is 83 cents more than a month ago. Oregon has the third-largest monthly increase in the nation. California (+90 cents) has the largest month-over-month jump. New York (-25 cents) has the largest monthly drop. The average in Georgia is flat.

All 50 states and the District of Columbia have higher prices now than a year ago. The national average is 65 cents more and the Oregon average is $1.77 more than a year ago. This is the third-largest yearly increase in the nation. California (+$1.85) has the biggest yearly increase. Connecticut (+15 cents) has the smallest year-over-year increase.

West Coast

Refinery issues in California the last few weeks have exacerbated the situation, creating extremely tight supplies and causing pump prices in this region to soar.

Rank Region Price on 10/11/22 1 California $6.29 2 Alaska $5.55 3 Oregon $5.52 4 Nevada $5.40 5 Washington $5.39 6 Hawaii $5.23 7 Arizona $4.57 8 Idaho $4.43 9 Illinois $4.40 10 Michigan $4.33

As mentioned above, California is the most expensive state for the fifth consecutive week with Alaska, Oregon, Nevada, Washington, Hawaii, and Arizona rounding out the top seven. Oregon is third most expensive for the third consecutive week.

Alaska (+13 cents) has the largest weekly jump in the West Coast region this week. California (-12 cents) has the largest week-over-week drop in the region.

The refinery utilization rate on the West Coast rose from 82.3% to 83.3% for the week ending September 30. 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 24.92 million bbl to 24.68 million bbl.

Oil market dynamics

Crude prices increased last week after OPEC and its allies including Russia, known as OPEC+, announced intentions to cut crude production by 2 million b/d next month. Although crude prices have surged, the pricing impact may be short-lived as demand concerns continue to weigh on the market. For this week, crude prices could reverse course if the market continues to see indicators of weakening demand due to ongoing COVID-19 lockdowns in China and a slowdown in the economy as fears of recession grow, which could see crude prices decline due to falling demand. Crude prices did lose ground on Monday due to these concerns.

Additionally, EIA’s latest weekly report showed that total domestic crude inventories declined by 1.4 million bbl to 429.2 million bbl.

At the close of Friday’s formal trading session, WTI increased by $4.19 to settle at $92.64. At the close of Monday’s formal trading session, WTI fell $1.51 to close at $91.13. Today crude is trading around $89, compared to $78 a week ago. Crude prices are about $14 more than a year ago.

Diesel

For the week, the national average soars 26 cents to $5.12 a gallon. The record high is $5.816 set on June 19. Oregon’s average jumps 19 cents to $5.64. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.36 and the Oregon average was $3.71.

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

Updated 10/4/2022

Refinery Outages cause West Coast Gas Prices to Soar back near Record Highs

PORTLAND, Ore., – The West Coast is seeing the most extreme increase in gas prices in the country as several refineries in California undergo planned or unplanned maintenance. This is putting a severe crimp in supplies in this region. For the week, the national average for regular climbs six cents to $3.81 a gallon. The Oregon average leaps up 31 cents to $5.46. This is the fifth-largest weekly jump for a state in the nation.

“At least six refineries in California are offline or operating at reduced capacity, and there is limited pipeline supply to the West Coast. This has put a huge dent in supplies in this region and gas prices are now again near the record highs we saw in mid-June,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “This is refinery maintenance season so it’s not unusual for refineries to be offline at this time of year. However, factor in the refineries that shut down unexpectedly with issues, and this creates a significant regional drop in gasoline supplies.”

Most refineries in the U.S. are more than 50 years old. Some are more than 100 years old. All refineries have to undergo regular maintenance in order to keep running.

California has the toughest environmental standards in the nation for its fuel, so other refineries in other parts of the country were not able to ship product here. California Governor Gavin Newsom just eased the California requirements effective immediately, allowing the sale of winter blend fuel a month early. This fuel is not as environmentally friendly as summer blend but is less expensive to produce. Oregon and Washington also have stringent clean fuel standards.

The situation on the West Coast is also putting upward pressure on the national average. Both the national and Oregon averages hit record highs in mid-June, then declined for 14 consecutive weeks before rising again for the last two weeks. 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.

“The regional differences in gas prices are extreme, with prices in the West Coast region above $5 a gallon in many areas and even above $6 in California. Meantime, Texas and other Gulf Coast states have prices dipping below $3 a gallon in some places,” adds Dodds.

The Midwest has also seen gas prices surge due to a deadly refinery fire on September 20 in Toledo, Ohio, which closed the plant. According to the latest reports, the 160,000 barrel-per-day BP-Husky Toledo refinery could be down for months.

Crude oil prices are lower than they were in June but have risen back above $80 per barrel this week as OPEC+ considers production cuts. Crude reached a recent high of $122.11 per barrel on June 8, and ranged from about $94 to $110 per barrel in July. In August, crude prices ranged between about $86 and $97. In September, crude prices ranged between about $76 and $88 per barrel. In late September, West Texas Intermediate fell below $80 per barrel for the first time since January.

Demand for gasoline in the U.S. increased from 8.32 million b/d to 8.83 million b/d to last week. This is lower than last year at this time when demand was at 9.4 million b/d. Total domestic gasoline stocks decreased by 2.4 million bbl to 212.2 million bbl., according to the U.S. Energy Information Administration (EIA). If demand remains robust as supply tightens, drivers should brace for rising pump prices through the weekend.

Quick stats

Oregon is one of 17 states with higher prices now than a week ago, and 11 states, including Oregon, have double-digit increases. California (+53 cents) has the largest weekly jump in the nation. Oregon (+31) has the fifth-largest week-over-week jump. Florida (-21 cents) has the largest weekly decline. The average in Idaho is flat this week.

California ($6.41) has the most expensive gas in the country for the fourth week in a row and is the only state with an average above $6 a gallon. Six states, including Oregon, have averages at or above $5 a gallon. This week 13 states have averages at or above $4, and 37 states and the District of Columbia have averages in the $3-range.

The cheapest gas in the nation is in Mississippi ($3.06) and Texas ($3.10). For the 91st week in a row, no state has an average below $2 a gallon.

The difference between the most expensive and least expensive states is $3.35 which is extremely stark.

Oregon is one of 16 states with higher prices now than a month ago. The national average is two cents more and the Oregon average is 73 cents more than a month ago. Oregon has the second-largest monthly increase in the nation. California (+$1.15 cents) has the largest month-over-month jump. Rhode Island (-51 cents) has the largest monthly drop.

All 50 states and the District of Columbia have higher prices now than a year ago. The national average is 61 cents more and the Oregon average is $1.73 more than a year ago. This is the second-largest yearly increase in the nation. California (+$2.00) has the biggest yearly increase. Connecticut (+6 cents) has the smallest year-over-year increase.

West Coast

Current refinery issues in California have exacerbated the situation, creating extremely tight supplies and sending prices in this region skyrocketing.

Rank Region Price on 10/4/22 1 California $6.41 2 Nevada $5.51 3 Oregon $5.46 4 Alaska $5.41 5 Washington $5.33 6 Hawaii $5.22 7 Arizona $4.50 8 Idaho $4.42 9 Illinois $4.21 10 Michigan $4.18

As mentioned above, California is the most expensive state for the fourth consecutive week with Nevada, Oregon, Alaska, Washington, Hawaii, and Arizona rounding out the top seven. Oregon is third most expensive for the second consecutive week.

Six of the seven states in the West Coast region are seeing large jumps this week. California (+53 cents) has the largest increase in the region and the country. Alaska (+53 cents), Nevada (+38 cents), Arizona (+32 cents), Oregon (+31 cents), and Washington (+31 cents) have the largest increases in the region and the nation. Hawaii (-2 cents) is the only state in the region with a week-over-week decline.

The refinery utilization rate on the West Coast rose from 81.4% to 82.3% for the week ending September 23. 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 25.78 million bbl. to 24.92 million bbl.

Oil market dynamics

Crude prices decreased at the end of last week due to lingering market concerns that demand will decline if global economic growth stalls or decreases due to a recession. However, reports the Organization of the Petroleum Exporting Countries (OPEC) and its allies—including Russia—known as OPEC+ intend to announce collective oil production cuts at their next meeting tomorrow (October 5) in Vienna have sent crude prices higher this week. Additionally, according to the EIA’s latest weekly report, total domestic commercial crude inventories decreased slightly by 200,000 bbl to 430.6 million bbl.

At the close of Friday’s formal trading session, WTI decreased by $1.74 to settle at $79.49. At the close of Monday’s formal trading session, WTI jumped $4.14 to close at $83.63. Today crude is trading around $87, compared to $79 a week ago. Crude prices are about $8 more than a year ago.

Diesel

For the week, the national average falls three cents to $4.86 a gallon. The record high is $5.816 set on June 19. Oregon’s average dips a penny to $5.45. The record high is $6.47 set on July 3. A year ago the national average for diesel was $3.36 and the Oreg

Source: Info.oregon.aaa.com | View original article

Source: https://www.kark.com/news/state-news/arkansas-gas-prices-drop-slightly-ahead-of-july-4-travel-surge/

Arkansas gas prices drop slightly ahead of July 4 travel surge

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Arkansas gas prices drop slightly ahead of July 4 travel surge

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2022 Oregon Gas Price News from AAA Oregon

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