Retail gas prices are very expensive for this time of year due to shrinking gasoline stocks from refinery maintenance, increased demand for gas and higher crude oil prices.
For the week, the national average jumps eight cents to $2.83 a gallon, its highest price since last October. The Oregon average shoots up 12 cents to $3.31. This is the seventh-largest weekly jump in the nation and also the highest price for the Oregon average since last November.
In Hermiston, the average price of a gallon of gas is $3.19 – up sharply from just a few weeks ago, but still well below the state average.
“The West Coast is especially hard hit with tightening gasoline stocks due to planned and unplanned refinery maintenance,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. California’s average jumped 18 cents this week to $4.01 a gallon, the most expensive state average this week and a price point not seen in the Golden State since July 2014.
Nationwide, gasoline stocks dipped substantially by 7.7 million barrels while demand rose to summer-like highs. In addition, crude oil prices have climbed, due in part to OPEC’s 1.2 million b/d production reduction agreement which remains in place through June and the U.S. tightening of its crude export sanctions against Iran and Venezuela. Crude oil started this year around $47 per barrel and is currently trading around $63. These factors will continue to put upward pressure on retail pump prices in the coming weeks.
Prices in all 50 states and the District of Columbia are higher now than a week ago. Oregon has the seventh-largest weekly jump in the country. Utah (+19 cents), California (+18 cents) and Nevada (+18 cents) have the largest week-over-week increases while Florida (+3 cents) has the smallest. This week, California is the only state with an average at or above $4 a gallon. Hawaii, Washington, Oregon, Nevada and Alaska have averages at or above $3 a gallon.
All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 29 cents more and the Oregon average is 46 cents more than a month ago. This is the second-largest monthly increase in the country. California (+67 cents) has the largest month-over-month jump while Washington (+45 cents) is third. Florida (+16 cents) has the smallest monthly increase.
Pump prices in the West Coast region are the highest in the nation, with all of the region’s states landing on the top 10 most expensive list. California tops the list for the fourth consecutive week with Hawaii, Washington, Oregon, Nevada, Alaska and Arizona rounding out the top seven. Oregon is fourth most expensive for the fifth week in a row. As mentioned above, California is the only state with an average at or above $4 a gallon.
