Oregon gas prices hit record high, nearing $5 per gallon

PORTLAND, Ore. (KTVZ) — Gas prices continue to soar due to the Iran conflict, disruptions in the Strait of Hormuz, Middle East energy infrastructure damage, and seasonal factors like refinery maintenance and the switch to summer-blend fuel.

Both national and Oregon averages for regular gas have risen about $1 per gallon since the conflict started on February 28. For the week, the national average climbed 19 cents to $3.98/gallon, while Oregon's jumped 33 cents to $4.87/gallon.

Price Trends and Projections

The National average was $2.98 and the Oregon average was $3.92 on Feb. 28. The national average is at its highest price since August 2022, and the Oregon average is at its highest price since November 2022.

The national average will likely top $4 per gallon this week for the first time since August 2022. The Oregon average may reach $5 per gallon for the first time since October 2022.

AAA Fuel-Saving Tips

AAA recommends these strategies to cut costs:

• Download the free AAA Mobile app to find the cheapest nearby stations—prices vary even across the street.
• Follow fuel-saving tips like proper tire inflation, smooth acceleration, avoiding idling, and using cruise control.businessinsider​
• Pay with cash-back credit cards like the AAA Travel Advantage Visa (5% back on gas/EV charging): oregon.aaa.com/financial/more-products/aaa-visa-credit-card.html.
• Join loyalty programs at Safeway, Albertsons, Fred Meyer, or AAA's Shell Fuel Rewards (35¢/gallon off first fill by April 30 for new members).​

Quick Stats

Oregon is one of 49 states and the District of Columbia with higher prices this week. Illinois (+42 cents) has the largest week-over-week jump in the country. Georgia (+1/2 cent) has the smallest. Iowa (-2 cents) is the only state with a week-over-week decline.

California ($5.82) has the most expensive gas in the nation for the seventh week in a row. Washington ($5.29) is second, and Hawaii ($5.28) is third. These are the states with averages at or above $5 per gallon. This week, there are eight states and the District of Columbia with averages at or above $4 a gallon. This week, 39 states have averages in the $3-range. No state has an average in the $2 range this week.

The cheapest gas in the nation is in Oklahoma ($3.26) and Kansas ($3.28). No state has had an average below $2 a gallon since January 7, 2021, when Mississippi and Texas were below that threshold. At the time, the COVID-19 pandemic drove significant declines in crude oil and gasoline demand in the U.S. and around the world.

Diesel Update

Diesel prices are increasing faster than gasoline due to low global supplies and high demand for heating oil.

For the week, the national average rises 30 cents to $5.35 a gallon. This is the highest price for the national average for diesel since November 2022. The record high is $5.816 set on June 19, 2022.

The Oregon average jumps 45 cents to $5.93. This is the highest price for the Oregon average for diesel since August 2022. The record high is $6.47 set on July 3, 2022.

A year ago the national average for diesel was $3.58 and the Oregon average was $3.86.