Crude Oil Prices Surge, Pump Prices Soar Nationwide

Pump prices in Oregon and most states are climbing again this week, driven by elevated crude oil prices and the ongoing closure of the Strait of Hormuz.

The national average price for regular gas has surpassed its previous record high for mid-August set in 2022, reaching $4.07 per gallon. The Oregon average is at its second-highest price ever for mid-August, at $4.72 per gallon.

Crude oil prices have been above $80 since August 10 due to the ongoing conflict with Iran and the closure of the Strait of Hormuz, which carries about 20% of the world's oil supplies.