Middle East Tensions Drive Gas Prices to Record Highs
Gas prices have reached their highest level for this time of year in both Oregon and nationally due to ongoing geopolitical tensions in the Middle East. According to Marie Dodds, public affairs director for AAA Oregon/Idaho, drivers in Oregon are seeing a slight decrease in gas prices, but they remain elevated compared to previous years.
The national average price for regular gasoline has dropped two cents to $4.46 per gallon this week, while the Oregon average has declined four cents to $5.06 per gallon. However, these prices are still higher than usual for this time of year, with the national average reaching a record high and the Oregon average surpassing its previous high from 2022.
The conflict in Iran is contributing to the volatility in crude oil prices, which have ranged between $68 and nearly $113 per barrel since the conflict began. Crude oil prices remain below $100 but are still elevated due to concerns over global oil supplies and market uncertainty.