Skyrocketing Crude Oil Prices Behind Recent Rise in Gas Prices

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The national average is at its highest price since October 2014. The Oregon average is a little lower than its year-to-date high of $3.80 reached on Aug. 19.

For the week, the national average is $3.28 per gallon while in Oregon, the average price per gallon of gas is $3.76.

“Skyrocketing crude prices are the major driver for the continued rise in gas prices this fall. Crude oil prices typically account for between 50 percent and 60 percent of the price at the pump,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.

Although the summer surge of COVID-19 cases in the U.S. is waning, travel will likely continue to be impacted this fall. Visit AAA.com/covidmap for an interactive map with the latest travel restrictions and policies for North America. Find AAA’s latest COVID-19 information for travelers here.

Oregon is one of 46 states where prices are higher this week. Oregon has the sixth-smallest weekly gain in the nation. The District of Columbia (+15 cents) has the largest weekly increase in the country. Idaho (-1 cent) has the largest week-over-week decline.

California ($4.44) and Hawaii ($4.13) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon, and 44 states and the District of Columbia are at or above $3, up from 38 states and D.C. a week ago.

The cheapest gas in the nation is in Mississippi ($2.92) and Texas ($2.92).  For the 40th week in a row, no state has an average below $2 a gallon.

Oregon is one of only seven states with lower prices now than a month ago. The national average is 10 cents more and the Oregon average is one cent less than a month ago. Nevada (-10 cents) has the largest monthly decrease in the country. The District of Columbia (+24 cents) has the largest month-over-month increase.

All 50 states and the District of Columbia have higher prices now than a year ago, and 44 states including Oregon and the District of Columbia have a current average that’s a dollar or more higher than a year ago. The national average is $1.09 more and the Oregon average is $1.15 more than a year ago.

 

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