HomeOregon NewsOregon gas prices increase slightly, higher prices expected in the coming weeks

Oregon gas prices increase slightly, higher prices expected in the coming weeks

Oregon – Drivers in Oregon have felt a minor squeeze at the pump as gasoline prices have jumped by 5.9 cents per gallon during the past week. Based on the most recent poll from GasBuddy, which tracks gasoline prices at 1,307 gas stations all throughout the state, this rise raises the average price of a gallon of gas to $3.47.

Oregon’s current gas costs, which show a 13.9 cent drop from last year, are still more advantageous than those of other states despite this recent increase. Still, prices have increased by 3.4 cents, compared to only one month ago. Rising by 8.1 cents over the past week, the national average for diesel has likewise climbed to $3.606 per gallon.

Gas price fluctuations can significantly impact budgets, and Oregonians are seeing varying prices across the state. While the highest climbed to $4.15 per gallon, meaning a significant differential of $1.24 per gallon inside the state, the most affordable gas was priced $2.91 per gallon.

Over the past week, the average price of gas nationally has likewise climbed by 6.5 cents per gallon to reach $3.09. This is a minor rise over the past month of 4.5 cents and is 1.8 cents over pricing a year ago.

Influenced by geopolitical events and market dynamics, the price fluctuations coincide with the period of highest global oil prices since July. Head of GasBuddy’s petroleum analysis Patrick De Haan pointed out how outside events affect the cost of fuel.

“It was only a matter of time before the national average began to rise, with oil prices last week reaching their highest level since July. Diesel prices have also jumped, driven by cold weather that has boosted heating oil demand,” said Patrick De Haan.

“In addition, with President Trump’s inauguration tomorrow, there could be price impacts depending on the executive orders he is preparing to sign. We’ll be closely monitoring potential impacts from any orders, while the threat of tariffs and possible retribution from Canada remain top of mind. However, the current increase is not yet the traditional seasonal rise, which is also likely to push prices higher and could begin in a few weeks.”

In local terms, Eugene saw a significant increase of 8.8 cents, bringing the price to $3.39 per gallon. Salem’s prices rose by 8.9 cents to $3.34 per gallon, and Portland experienced a 7.0 cent increase to $3.65 per gallon.

Read also: Oregon Health Authority allocates $23 million to improve housing and public health

Although the current jump is considerable, it does not yet reflect the usual seasonal hike in gas prices, which could drive even more expenses in the next weeks. Oregonians and Americans equally will be closely monitoring the political environment as well as the pumps to estimate the possible financial effects as the situation develops.

RELATED ARTICLES

Most Popular