Gas Prices Soar Amid Ongoing Conflicts in Middle East and Ukraine
Gas prices in Oregon and across the country continue to rise due to ongoing conflicts in the Middle East and Ukraine. The national average for regular gasoline has reached $4.10 per gallon, a three-cent increase from last week. In Oregon, the average price is $4.77 per gallon, up six cents from last week.
The conflict between Russia and Ukraine has had a significant impact on crude oil prices, with West Texas Intermediate (WTI) trading around $82 today. This is compared to $65 a year ago, a 25% increase. The US Energy Information Administration reports that about 52% of the price of gasoline goes towards the cost of crude oil.
AAA Oregon/Idaho public affairs director Marie Dodds says drivers can expect pump prices to remain elevated for this time of year due to uncertainty in global energy markets. She notes that the switch to winter-blend fuel next month may provide some relief, but not a significant drop in prices as long as the conflict continues.