Crude Oil Prices Soar Above $80, Gas Pump Prices Follow Suit
Gas prices in most states have seen an increase this week, including Oregon. The national average price for regular gas has reached its highest level for mid-August since 2022, while the Oregon average is at its second-highest price for the same period.
Elevated crude oil prices and the ongoing closure of the Strait of Hormuz are contributing to the higher pump prices. Crude oil prices have been above $80 since August 10 due to the war with Iran and the continued restriction on shipping traffic in the strait, which normally accounts for about 20% of global oil supplies.
Marie Dodds, public affairs director for AAA Oregon/Idaho, notes that 'elevated crude oil prices are keeping pump prices higher than normal for this time of year.' The national average price for regular gas has surpassed its previous record high for mid-August set in 2022.