Oregon's Gas Prices Catching Up with Soaring Crude Oil costs

The price of gas continues to increase in Oregon and across the country. It appears prices at the pumps could climb another 20-cents or so in the next few weeks.

Photo by Bonnie King

(PORTLAND, Ore.) - "Gas prices continue to rise at the pumps to catch up to skyrocketing oil prices." AAA Oregon Public Affairs Director Marie Dodds says, "The national average increased 8 cents in the past week to $3.105 per gallon for regular unleaded, and Oregon's statewide average jumps three cents to $3.16 this week.

Nationally we're paying 88 cents more than a year ago, and in Oregon 68 cents more. It's possible prices at the pumps could increase another 20-cents per gallon in the next few weeks, as gas prices catch up with crude oil prices, which have surged $20 per barrel in the past two months."

The price of crude is currently around $93 per barrel, down slightly from a record high of near $99 set last week, after hints that OPEC may soon increase production.

A new report by the Oil Price Information Service (OPIS) reveals that almost 4 percent of America's paychecks are now being spent on gasoline. The percentage is one of the highest ever and is double the percentage of income set aside for fuel just five years ago. U.S. consumers, on average, are now spending 3.8 percent of every earned dollar to fill up their gasoline tanks. The amount was 1.9 percent in 2002, the last year pump prices were lower than the previous year.

Gas prices this week have again increased in all four of Oregon's measured metropolitan areas, and in Vancouver, WA. In Eugene/Springfield, prices are up more than two cents; in Portland, up three cents; in Salem and Medford/Ashland, up four cents; and in Vancouver, prices jumped six cents. Story continues below

Portland drivers are paying $3.128 for regular, while drivers in Salem are paying an average of $3.139. Eugene/Springfield is seeing an average cost of $3.187 at the pump, Medford/Ashland’s cost of $3.236 for regular is the highest in the state. Vancouver, Washington drivers are paying $3.230 for a gallon of self serve regular.

Oregon's gas prices are now tied for the 11th-highest in the nation, down from sixth-highest last week. California has the most expensive gas in the country at $3.385, followed by Hawaii at $3.222, and Washington at $3.256. New Jersey continues to have the least expensive gas in the country at $2.90 per gallon.

The price of diesel continues to hit new record highs. In the past week, Oregon's average diesel price gained another two cents and currently averages $3.595 per gallon. In the past month, diesel prices in Oregon have shot up 30 cents per gallon. The national average for diesel is currently $3.446, up another 10 cents. Hawaii has the highest statewide average price for diesel at $3.815. In Washington, diesel averages $3.749; California, $3.711; Idaho, $3.68, and Nevada, $3.556.