Gas prices jump 18 cents a gallon in Portland metro area - KPTV - FOX 12

Gas prices jump 18 cents a gallon in Portland metro area

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PORTLAND, OR (KPTV) -

In just a week, gasoline prices in the Portland metro area jumped 18 cents per gallon.

AAA reports the current average price for a gallon of regular unleaded is $3.50 locally. A week ago, it was $3.32.

That corresponds with significant increases in both the national and statewide averages.

The national average shot up 17 cents to $3.53. The jump in average gas prices in Oregon was more than 16 cents to $3.51 per gallon.

AAA said the 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 up.

On the West Coast, wholesale gasoline prices have skyrocketed more than 50 cents a gallon since mid-January. The region is in the middle of refinery maintenance as the switch to summer gasoline occurs, according to AAA.

The rest of the country doesn't move to the cleaner-burning and more expensive summer fuels until late February or March.

The last time gasoline prices increased more dramatically in such a short period of time was March 4, 2011. That was due to violence in northern Africa and the Middle East, most notably in Libya, which sparked fears of supply disruption.

Copyright 2013 KPTV-KPDX Broadcasting Corporation. All rights reserved.

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