With the cost of a barrel of oil surging to near $120 per barrel, nearly double the price from last August, and robust demand for gas, pump prices continue to skyrocket.
More than a quarter of all states now have averages at or above $5 a gallon, and the national average is likely to get there very soon as well. For the week, the national average for regular soars 30 cents to $4.92 gallon.
The Oregon average shoots up 25 cents to $5.46. These are both at record highs; in fact new record highs continue to be set on a daily basis.
“People are still fueling up, despite these record-high prices. At some point, drivers may alter their daily driving habits but it hasn’t happened yet,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
All 50 states have averages above $4 a gallon and 13 states, including Oregon, and the District of Columbia have averages above $5. California remains the only state with an average above $6. The national and Oregon averages continue to set new record highs daily.
Crude oil prices are climbing because demand outpaces the tight global supply. Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel. On average, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes, according to the U.S. Energy Information Administration. A year ago, crude was around $69 per barrel compared to $119 today.
All 50 states and the District of Columbia have higher prices on the week, and all but two states have double-digit increase. Michigan (+56 cents) has the largest weekly increase. New York (+1 cent) has the smallest. Oregon (+25 cents) has the 37th largest increase.
California ($6.37) is the most expensive state in the nation and is the only state to ever have an average above $6 a gallon. There are 13 states, including Oregon, and the District of Columbia with averages at or above $5, up from seven states a week ago. All states have averages at or above $4 a gallon.
The cheapest gas in the nation is in Georgia ($4.33) and Arkansas ($4.45). No states have averages below $3 a gallon. For the 74th week in a row, no state has an average below $2 a gallon.
All 50 states and the District of Columbia have higher prices now than a month ago. The national average is 74 cents more and the Oregon average is 67 cents more than a month ago. This is the 11th-largest monthly jump in the nation. Indiana (+94 cents) has the largest monthly gain. Hawaii (+20 cents) has the smallest.
All 50 states and the District of Columbia have higher prices now than a year ago. Twelve states, including Oregon, have a current average that’s at least $2 a gallon higher than a year ago.
