Crude Oil Volatility Continues to Drive Gas Prices

Gas prices in Oregon and most other states have remained relatively steady this week, despite significant fluctuations in crude oil prices. The national average for regular gasoline decreased by one cent to $4.09 per gallon, while the Oregon average increased nearly a cent to $4.65 per gallon.

The volatility in crude oil prices is attributed to ongoing tensions in the Middle East and President Trump's statements on potential strikes against Iran. Crude oil prices have ranged from about $77 to $85 in the last week, with the U.S. benchmark for crude, West Texas Intermediate, trading around $77 per barrel today.

Marie Dodds, public affairs director for AAA Oregon/Idaho, noted that 'crude oil prices have been very volatile since the start of the conflict with Iran in late February, and that will continue.' The National average for regular gas was $2.98 on Feb. 28, the day the U.S. and Israel launched airstrikes against Iran.

The Oregon average for regular gas began this year at $3.42 a gallon, while the Washington average started at $3.86 per gallon. California has the most expensive gas in the nation for the third week in a row, with an average price of $5.65 per gallon.