The highest crude oil prices in seven years are driving increases in pump prices.
U.S. crude oil climbed to more than $82 per barrel this week. Demand for gasoline has eased which should result in cheaper gas prices, but the higher crude prices are causing pump prices to rise. For the week, the national average for regular jumps six cents to $3.34 a gallon. The Oregon average adds two cents to $3.78.
The national average is at its highest price since September 2014. The Oregon average is a little lower than its year-to-date high of $3.80 reached on August 19.
“Unfortunately, drivers won’t get relief at the pumps anytime soon due to the surging crude oil prices, as the cost of crude accounts for more than half of the price of each gallon of gas,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
Oregon is one of 45 states and the District of Columbia with higher prices now than a week ago. Oregon has the sixth-smallest weekly gain in the nation. Connecticut (+13 cents) has the largest weekly increase in the country. Michigan (-2 cents) has the largest week-over-week decline.
California ($4.51) and Hawaii ($4.21) 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 45 states and the District of Columbia are at or above $3, up from 44 states and D.C. a week ago.
The cheapest gas in the nation is in Texas ($2.97) and Oklahoma ($2.99). For the 41st week in a row, no state has an average below $2 a gallon.
Oregon is one 44 states and the District of Columbia with higher prices now than a month ago. The national average is 15 cents more and the Oregon average is 1.5 cents more than a month ago. This is the smallest monthly gain in the country. The District of Columbia (+25 cents) has the largest month-over-month increase. Utah (-7 cents) has the largest monthly decrease in the country.
All 50 states and the District of Columbia have higher prices now than a year ago, and 47 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 $1.17 more and the Oregon average is $1.19 more than a year ago.