End-of-the-Year Gasoline Prices Moving Up as Crude Prices Climb

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Drivers are paying a little more to fill up as 2020 comes to a close. Crude oil prices have jumped to their highest prices in 10 months, causing retail gas prices to rise. For the week, the national average for regular adds a penny to $2.25 a gallon.

The Oregon average also adds a penny to $2.60.

The national average is at its most expensive price since last March. The Oregon average is at its highest price since October.

Crude oil prices have hovered around $48 per barrel the last couple weeks, the highest prices since February. The U.S. Energy Information Administration measures weekly gasoline demand at 8 million barrels per day (b/d), up from the previous week but lower than a year ago due to the coronavirus pandemic. Demand for the same week in December last year was 9.3 million b/d.

“Despite the relatively low demand, pump prices are more expensive because of the steady gains in crude oil prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho. “Drivers can expect pump prices to tick up in the coming days but will still be cheaper than the end of 2019 when the national average was $2.58 and the Oregon average was $3.03.”

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