Pump Prices Surge as Global Oil Supplies Remain Tight
Gas prices rose in 47 states, including Oregon, this week, with the national average increasing by eight cents to $4.10 per gallon and the Oregon average rising seven cents to $4.64 per gallon.
According to Marie Dodds, public affairs director for AAA Oregon/Idaho, 'crude oil prices are lower this week after hostilities eased in the Middle East, and that's helping to put the brakes on spiking pump prices.' However, volatility remains a concern due to ongoing tensions between the U.S. and Iran and disruptions in shipping traffic through the Strait of Hormuz.
West Texas Intermediate (WTI), the U.S. benchmark for crude oil, dropped below $80 per barrel this week, following a brief spike above $90 last week.
The conflict in the Middle East, along with Ukrainian drone attacks on Russia's energy infrastructure, continues to impact global oil supplies and contribute to price volatility.