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Gas prices spike; Oregon average below U.S.

By KTVZ.COM news sources
Published On: Feb 05 2013 02:55:23 PM CST
Gas prices
PORTLAND, Ore. -

AAA Oregon/Idaho's weekly Fuel Gauge report Tuesday comes as no surprise to Central Oregonians who've been to or driven the gas pumps: The national and Oregon averages for regular unleaded are up dramatically in the past week. 

The national average shoots up 17 cents to $3.53 a gallon, while the Oregon average jumps 16.5 cents to $3.51 a gallon.

"These spikes are the most dramatic one-week jumps in nearly two years, and the 20th-largest weekly increase of the 21st Century,” said AAA Oregon/Idaho Public Affairs Director Marie Dodds. 

“The last time gas prices increased more rapidly was Feb. 25 to March 4, 2011, when violence in Northern Africa and the Middle East, most notably in Libya, sent oil and gasoline prices skyrocketing on fears of supply disruption," Dodds said.

The most dramatic one-week increase on record is Aug. 28 to Sept. 4, 2005, when prices rose 46 cents in the days following Hurricane Katrina.

Still, for the second week in a row, the Oregon average is less than the national average  -- a rarity in recent years.  Before last week, the last time the Oregon average was less than the national average was on May 14, 2011.

The national and Oregon averages are both the highest on record for this calendar day.  The national average has exceeded the previous highs set last year and has now set a new daily record for the past six days in a row. Tuesday was the first day the Oregon average has climbed above the year-ago level, Dodds said.

Dodds says this price surge is largely the result of higher crude oil prices and the rise of mid-continent retail gasoline prices, which fell dramatically to end the year and are now swinging back to the upside.

While pump prices in every state have increased over the last week, the increase is most dramatic in the Midwest, California and Colorado, led by jumps of more than 30 cents per gallon in both Indiana and Michigan.

Eleven states have posted a monthly increase of at least 30 cents, and motorists in Indiana (47 cents), Minnesota (46 cents) and Michigan (44 cents) are all paying at least 40 cents more than one month ago.

These regions have seen the most dramatic price increases because of higher regional crude prices and production concerns as refineries prepare to make the conversion to making summer-blend gasoline.

Wholesale gasoline prices on the West Coast have skyrocketed more than 50 cents a gallon since mid-January. 

This region is in the middle of the refinery maintenance and turnaround season as the switch to summer gasoline occurs.  The rest of the country doesn’t move to the cleaner burning and more expensive summer fuels until late February or March.

The price of West Texas Intermediate (WTI), the traditional U.S. benchmark product, has continued to move higher to begin 2013, and that is also putting upward pressure on pump prices. 

At Monday’s close of formal trading on the NYMEX, the price of WTI settled down $1.60 at $96.17 per barrel. Tuesday, it continued to trade around $96. Last week, WTI traded at its most expensive level since September 14.  Brent crude, the often cited global benchmark, is trading at about $115 per barrel, near highs last seen in April 2012.

National Average (Regular)                                           Highest Recorded Avg. Price                Date

Current             $3.533                                      Regular Unleaded:  $4.114                    7/17/08

Month Ago                   $3.299

Year Ago                      $3.480                                                             

                                                                       

                                                                                                                                    Highest Rec.

                                   Current           Week Ago          Month Ago       Year Ago          Avg.  Price        Date

Oregon Statewide         $3.510              $3.345              $3.384              $3.497                 $4.294          7/03/08

Portland                        $3.498              $3.323              $3.371              $3.491                  $4.278           6/21/08

Salem                           $3.520              $3.350              $3.408              $3.495                  $4.262           7/08/08

Eugene/Springfield        $3.560              $3.383              $3.435              $3.533                  $4.330           6/28/08

Medford/Ashland          $3.564              $3.361              $3.437              $3.589                  $4.379           7/11/08

Bend                            $3.545              $3.391              $3.403              $3.529                  $4.345           6/20/08

Vancouver, WA             $3.517              $3.370              $3.392              $3.547                  $4.349           6/28/08

Hawaii remains the only state with regular unleaded at or above $4 a gallon, and only one state is below $3 a gallon, same as last week.  For the 12th week in a row, both Oregon and Washington remain out of the ten most expensive states, but California remains in the top five.  Hawaii has the most expensive gas in the country for the 16th consecutive week at $4.14, followed by California at $3.93 (up 24 cents and up from fourth most expensive last week), New York at $3.89, Connecticut at $3.87, and Alaska at $3.74.  Oregon is 24th for the second week in a row at $3.51 (up 16.5 cents).  Washington is 26th down from 23rd last week at $3.51 (up 15 cents).  Idaho is 46th for the second consecutive week at $3.26 (up 14 cents).  Wyoming has the cheapest gas in the nation for the third week in a row at $2.95 a gallon (up a dime).

 Diesel prices are also climbing, but are not rising as rapidly as gasoline.  The national average gains seven cents to $3.99 while Oregon’s average jumps nine cents to $4.00.  It’s the first time since early December that the Oregon average has been at or above $4 a gallon.  Diesel is at or above $4 a gallon in 23 states (including the District of Columbia), up from 13 last week.  Hawaii is most expensive at $4.92, followed by New York at $4.35, Connecticut at $4.34, California at $4.27 (up a dime and up from sixth last week) and Maine at $4.27.  Washington is 17th for the second consecutive week at $4.04 (up nine cents). Oregon is 21st up from 23rd last week.  Idaho is 30th up from 36th at $3.94 (up 12 cents).  A year ago, the national average for diesel was $3.88 and Oregon's was $3.95.

For the latest prices on the High Desert, visit KTVZ.COM's Pump Patrol.

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