Oregon gas prices reach record high, again, as crude oil costs soar

Summer season highway journeys are going to be dearer than typical this 12 months, as fuel costs in Oregon and throughout the nation reached new file highs this week.

On Tuesday, Oregon averaged $5.22 per gallon on the pump, climbing 5 cents from final week. The nationwide common rose two cents, to $4.62 a gallon.

In Portland, the typical worth per gallon is now $5.28, a nickel up from final week and a brand new file.

The rise is pushed primarily by the spike in crude oil prices. A barrel of crude is now above $116. The European Union ban on Russian oil exports will possible constrain world provide, based on AAA. A number of nations, together with the USA, have positioned strict sanctions on Russia following its invasion of Ukraine. Russia is among the world’s largest producers of oil.

However the steady enhance in prices possible received’t cease drivers from hitting the highway this summer season, stated AAA spokesperson Marie Dodds.

“To date, the pent-up want to journey as we emerge from the pandemic outweighs file excessive pump costs for a lot of shoppers,” Dodds stated in a information launch.

Previous to this 12 months, Oregon and nationwide fuel costs had peaked in the summertime of 2008. Oregon’s $4.29 per gallon file from that 12 months can be about $5.76 at this time, accounting for inflation. And the nationwide file from 2008, $4.27, can be about $5.73 in at this time’s {dollars}.

Each state within the U.S. is now averaging greater than $4 a gallon. Oregon’s charges are the fifth-highest nationwide, behind California, Hawaii, Nevada and Washington. California continues to be the one state above $6 per gallon.

Round Oregon, costs proceed to be highest alongside the state’s southern border. Curry County is the most costly, averaging $5.41 per gallon, and Harney and Lake counties are shut behind at $5.38 and $5.37, respectively. Multnomah County is averaging $5.33 per gallon.

—Jayati Ramakrishnan