Middle East Conflicts Send US Gas Prices Soaring
Gas prices in Oregon and across the country have risen due to ongoing conflicts in the Middle East and Ukraine. According to recent data, gas and diesel prices are up in all but seven states this week.
The national average for regular gasoline has increased by three cents to $4.10 a gallon, while the Oregon average gains six cents to $4.77 a gallon. This is the highest price ever recorded for this time of year, surpassing the previous high prices reached in 2022.
The conflict with Iran continues to impact global oil supplies and send crude oil prices higher. Crude oil prices have been above $80 since August 10, and the ongoing fighting between Russia and Ukraine is also affecting crude oil prices due to Ukrainian drone strikes that have knocked out a significant amount of Russia's refining capacity.
Marie Dodds, public affairs director for AAA Oregon/Idaho, stated that 'uncertainty in global energy markets continues, drivers can expect pump prices to remain elevated for this time of year.' The switch to winter-blend fuel next month may provide some relief at the pumps, but it's unlikely to bring big declines as long as the conflict in the Middle East continues.