AAA Oregon: Crude oil pushing gas prices higher
Retail gas prices are climbing in Oregon and across the country, reflecting higher crude oil prices, AAA-Oregon reported Tuesday.
The national average for regular unleaded adds seven cents this week to $3.48 while Oregon’s statewide average jumps nine cents to $3.64.
After six weeks of declines, Oregon’s average held steady last week, then shot up this week.
The recent increase in retail gasoline prices has been largely the result of rising crude oil prices, which dropped below $78 a barrel in June, and then spiked above $90 last week.
Still, pump prices are lower than a year ago, when the national average was $3.70 and Oregon’s was $3.76.
The national average peaked for the year so far at $3.94 on April 6, then declined to the year-to-date low of $3.33 on July 2.
The national average has increased for 21 of 22 consecutive days and has only declined three days so far this month. This compares to July of last year, when national prices rose 17 cents and increased for all but six days during the month.
Oregon’s average peaked for the year so far on June 1 at $4.27 a gallon, just shy of the record high of $4.29 set on July 3, 2008. West Coast gas prices shot up this spring when refinery issues created very tight gasoline supplies.
Crude oil is trading around $88 per barrel today, compared to $89 a week ago. For the month, crude prices are up about 12 percent. The increase has been driven by returning supply worries surrounding geopolitical tensions in the Middle East.
