Gasoline Prices Remain Stable Despite Record High Crude Costs

Crude hit $79 last week. The national average jumped very slightly, while Oregon's fell. The record high oil prices probably will be felt soon, especially if the Lebanon-Israel conflict spreads to Iran.

Prices have jumped substantially since this shot was taken a little over a year ago Photo courtesy: mowabb.com

(SALEM) - Gasoline pricing this past week might be described as confusing at best. Gasoline prices held steady across the United States with the current national average for a gallon of regular up by less than a penny to $2.98. Oregon's statewide average actually backed off slightly to $2.97.

Salem area drivers are paying $2.94 for a gallon of regular. The Portland metropolitan area average price fell by almost 2-cents per gallon, while in Eugene-Springfield it went up by almost 2-cents. "Following a week of record high crude oil prices, which topped out at more than $79 per barrel, pump prices were expected to spike upward," said AAA Oregon Public Affairs Director Elliott Eki. "Obviously that hasn't happened, but consumers should expect to see some impact at the pumps in coming weeks if not sooner." Much of the increase in the price of crude is blamed on the conflict in the Middle East. Israel and Lebanon are not oil supplying nations, but some oil markets fear the conflict will spread to Iran, the 2nd largest oil producing nation in the world. If that occurs, oil production and delivery could be affected significantly.

Although the U.S. does not purchase oil from Iran, any production disruption there will have global impact as dependent nations seek other sources of the much-needed commodity. Portland motorists are seeing an average price of $2.91 a gallon; Eugene/Springfield’s average is $3.00 for regular, Medford/Ashland drivers are paying $3.00 at the pump, and Vancouver, Washington motorists are serving it themselves for an average of $2.95 per gallon for regular.

At $2.97, Oregon’s average gasoline price ranks 21st highest in the nation. Hawaii has the highest statewide average price at $3.37. California’s dipped to $3.25; Nevada’s is up to $3.04; Washington’s fell to $3.06, and Idaho’s inched up to $2.90. South Carolina has the lowest statewide average price at $2.78.

The national average diesel price remains at $2.99 per gallon. In California, diesel averages $3.26 per gallon; in Washington, it’s up to $3.13; in Idaho, it's $3.04; in Nevada, it's $3.06; and in Oregon, it's $3.05.