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Jan-02-2008 14:29printcomments

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.

Oregon gas station
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

Comments Leave a comment on this story.

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Jefferson January 4, 2008 3:41 pm (Pacific time)

feldman are you being cryptic, or is this your way of acknowledging your lack of understanding? Which would be a sign of progress for you to admit to that. You on new meds?

Neal Feldman January 4, 2008 12:44 pm (Pacific time)

Jefferson - your criminal-hero getting tarnished? LOL! Ah well...

Jefferson January 4, 2008 9:18 am (Pacific time)

Regarding Col. North (Ret.) speaking with you or having any communication exchange would make about as much sense as thinking you know anything about the world oil market, much less anything about micro/macro energy economics. Your success no doubt reflects your

Henry Ruark January 3, 2008 11:56 am (Pacific time)

T-Jan et al: Probably because we don't own or control it completely, despite billions of dollars and thousands of lives lost to make sure we do. Mad-attack on Iraq, and the now-threatened punitive-punch descent on Iraq (descent as in bombs)reflects Bush/Cheney false belief we own the world, and can manipulate any and all within it for our own purposes. That's driving principle for most of military neocons, too, as demonstrated here in depth recently by N-N comments and reactions to any offsetting common sense. Which is why N-N resort to Col, North as "hero" is so anathema currently to any of neocon hq crowd --and why we will never hear another word re interview-and-questions for him, ready here for rapid-draw any time in any channel.

Albert Marnell January 2, 2008 9:18 pm (Pacific time)

Oil was cheap before the war drums that led up to March of 2003. It is now in the hands of our multi-nationals. They hope we bleed to death paying them for these B.S. inflated prices. China and India indeed. What a crock!

T January 2, 2008 5:13 pm (Pacific time)

Does anybody know why we don't pump enough oil out of Iraq to pay for the war, selling it to oil companies for $75 a barrel or less?

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