Crude Oil Reaches $100 Per Barrel Mark

We start a new year with a new record high for crude oil. After weeks of speculation, the price of crude finally reached $100 per barrel. Gas prices are up across the country and in Oregon.

Photo by Bonnie King

(PORTLAND, Ore.) - "After weeks of anticipation, the price of crude oil finally reached the century mark in New York today before easing back slightly. And prices at the pumps have been rising again. The national average is back over $3 per gallon as we start 2008." AAA Oregon Public Affairs Director Marie Dodds says.

"The national average is up about eight cents in the past week to nearly $3.05, while Oregon's statewide average is up six cents to nearly $3.08 per gallon. Several national and international factors have sent the price of crude oil higher," Dodds added.

Last week's report from the Energy Information Administration showed crude oil inventories declined significantly, and prices also jumped after the assassination of Benazir Bhutto in Pakistan and because of renewed violence in Nigeria, which continues to cause concerns about supply disruptions.

The previous record-high price of crude was the intraday mark of $99.29 per barrel set on November 21st. It then dropped down to $89 per barrel in mid-December.

A year ago the price of crude was near $50 per barrel.

Nationally we're paying about 73 cents more per gallon at the pumps than a year ago, and in Oregon 39 cents more.

Gas prices this week are up in all four of Oregon's measured metropolitan areas, and in Vancouver, WA. In Portland and Salem, prices are up eight cents. In Salem and Medford/Ashland, prices are up six cents, and in Vancouver, prices are up four cents this week.

For Oregon it means...

In the four measures regions, Salem has the lowest price, a not very low $3.024 for a gallon of gas. Portland comes next; drivers there are paying $3.049 for regular.

Motorists in the Eugene/Springfield area are seeing an average cost of $3.094, while the Medford/Ashland region is seeing an average price of $3.150 for regular. Self-serve gas in Vancouver, Washington is going for $3.139 a gallon.

Oregon's gas prices are now 18th highest in the nation, the same as they were the week before Christmas. Hawaii continues to have the most expensive gas in the country at $3.48, followed by California at $3.31, New York at $3.28, Connecticut at $3.24 and Washington at $3.17. Colorado has the least expensive gas in the country this week at $2.83 per gallon.

The price of diesel is also up slightly. In the past week, Oregon's average diesel price has increased half a cent to $3.42 per gallon, compared to $2.93 a year ago. The national average for diesel is up two cents this week to $3.43 compared with $2.68 last year. Hawaii has the highest statewide average price for diesel at $3.90.

---------------------------------------------------
Special thanks to Oregon AAA for information