Fuel Market Report: Oct 1st, 2023 – Oct 7th, 2023
Oregon Fuel Price Variance
Fuel Market News
Fuel prices are down from a week prior. Wholesale prices dropped significantly this week with gas down $0.67, diesel down $0.18. The market saw this trickle down into retail pricing as well as retail prices for gas dropped $0.14, and diesel prices dropped $0.08 in Oregon. Gas prices in Washington dropped $0.11 and diesel dropped $0.08. These trends should continue as we transition into the fall and winter season. With winter blends of fuel being distributed across the market. With the recent turn of events in the Middle East we may see crude oil prices rise significantly but this is not certain.
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.
Crude oil prices raised to over $94 last week with total commercial crude stock decreasing by 2.2 million barrels reported. The fluctiation of oil prices have limited seasonal price decreases. As demand for fuel decreases we should see supply increase and prices decrease.
Fuel supply from refineries in California have continued to affect fuel price fluctuation in the West Coast. Due to crude oil hovering over $90 per barrel we are seeing gas prices decreases noticeably slower than they have in years past during this time of season. Despite this hangup prices should continue to drop as long as allocations and productions remain steady.