Fuel Market Report: Sept 24th, 2023 – Sept 30th, 2023
Oregon Fuel Price Variance
National retail fuel prices dropped slightly this week by only 5 cents from the week previous. Retail diesel prices in Oregon dropped 7 cents from the week previous, as gas prices increased by 8 cents. Trends will similar in Washington as gas prices rose by 11 cents and diesel prices dropped by 4 cents. Crude Oil prices dropped slightly to just under $90 ($89.35). As the winter blend of fuel comes onto to the market across the board we should see gas prices begin to decrease in price but there is no guarantee this will happen as fuel prices have been higer than usual for the last few months.
Crude oil is the main ingredient for gasoline and diesel. Per AAA, on average about 50% of what you pay at the pump is the price of crude oil, breaking down as 25% refining, 11% distribution & marketing and 14% taxes. A helpful breakdown for consumers wondering why they are paying the prices that they pay.
Prices in Oregon are 66 cents cheaper than they were a year ago which is a good sign for Oregonians but with most stations priced around $4.70-5.00/gal, drivers are still price conscious. With the holiday season approaching consumers are looking to save any and everywhere they can.
Gasoline demand rose slightly in September but domestic gasoline stock declined slightly to close the month of Septemer. With high demand and tight supply, prices have rose in past weeks, with crude below $90/barrell, prices should begin to drop across the board.