Steady Gas Prices Mask Volatility in Crude Oil Markets

Pump prices for gas remained relatively steady in Oregon and across most of the country this week, despite fluctuations in crude oil prices. According to Marie Dodds, public affairs director for AAA Oregon/Idaho, 'Normally, August is a fairly quiet time for pump prices, as summer road trips wind down and fall routines begin for many families.' However, this year's elevated prices are keeping drivers on edge.

The national average price of regular gasoline slipped one cent to $4.09 per gallon, while the Oregon average ticked up nearly a cent to $4.65 per gallon. The significant increase in crude oil prices was driven by concerns over the conflict with Iran and potential disruptions to global oil supplies.

Crude oil production in the U.S. remains at record highs, with an average of 13.80 million barrels per day for the week ending July 24. This has contributed to a 52% increase in the cost of gasoline from crude oil prices alone, according to the U.S. Energy Information Administration.