With an average price of $5.54 per gallon, Oregon’s nightmare gas prices have surpassed the previous record established on June 15 for the most expensive gas prices in state history.
According to AAA, when the region’s refineries start up again, gas prices are starting to decline. Following various types of planned and unforeseen maintenance at Western refineries, Oregon prices increased by 85 cents in the previous month.
According to AAA, the yearly move from summer to winter-blend gasoline should also assist to reduce prices since winter-blend gasoline is less expensive to produce. Summer-grade gas is more evaporation-resistant and environmentally beneficial thanks to more expensive additions. Beginning on September 15, Oregon relaxes its gas laws, enabling the sale of a less expensive winter blend in response to cooler weather and declining demand.
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According to Marie Dodds, director of public affairs for AAA in Oregon and Idaho, these regional and seasonal considerations should result in reduced gas costs if the price of crude oil stays constant or declines.
As long as crude oil prices don’t significantly increase, Dodds added, “the better refinery condition and the changeover to winter blend fuel should help lessen the increasing momentum in gas prices.”
In October, the price of crude oil increased and now stands between $83 and $93 per barrel. According to AAA, the cost of crude oil is still high in the wake of Russia’s invasion of Ukraine.
Russia is one of the main oil producers in the world, and due to sanctions put in place by the U.S. and other western countries against Russia, there has been a decrease in the amount of oil available globally, according to AAA. “Oil supplies were already limited due to a rise in demand when pandemic restrictions loosened. Crude was about $81 per barrel a year ago, but it is now $89 per barrel. Since crude oil is the primary component of gasoline and diesel, the price of crude on the international markets has an impact on pump pricing.
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The price of crude oil makes up roughly 53% of what Americans pay for a gallon of gas, according to the U.S. Energy Information Administration. About 12% of the cost is allocated to refining costs, 21% to distribution and marketing, and 15% to taxes.
In Multnomah County, a gallon of gasoline costs, on average, $5.67. The $3.92 national average. With an average price of $3.25 per gallon, Georgia continues to have the cheapest gas prices in the nation.
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