Crude Oil Volatility Continues to Impact Gas Prices in Oregon
Pump prices for gasoline in Oregon and other states have been relatively steady this week, despite significant fluctuations in crude oil prices.
Crude oil prices shot up last week after renewed fighting in the Middle East and President Trump's statement that there would be more strikes against Iran. However, they fell to start this week after President Trump said the U.S. would not attack Iran and that another round of peace talks were to begin.
The national average for regular gasoline slipped one cent to $4.09 a gallon for the week, while the Oregon average ticked up nearly a cent to $4.65 a gallon. The high crude oil prices are keeping pump prices elevated, according to Marie Dodds, public affairs director for AAA Oregon/Idaho.
Crude oil prices have been volatile since the start of the conflict with Iran in late February and will continue to be so. Normally, August is a fairly quiet time for pump prices, but high crude oil prices are keeping them elevated, and drivers may see the highest pump prices ever for August.