Pacific Northwest setting record high gas prices

Published: May. 10, 2022 at 5:24 PM PDT
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PORTLAND, Ore. (KPTV) Today AAA says the Pacific Northwest has set a new record high for the highest average price of a gallon of gas. Prices in Oregon have jumped 16 cents in the last week. According to AAA, the average price for a gallon of gas in Oregon is $4.85. Just last week, it was $4.69. AAA says one factor, is the war in Ukraine.

“Anytime you have will have a Geo-political event especially a war involving a major oil producer the markets go crazy basically they become very volatile because it’s a supply and demand issue. The US gets very little oil from Russia so for us the short story is it’s not a big deal,” says Marie Dodds, AAA.

Another factor is crude oil. This week, a barrel trades for $100, a decrease of ten dollars, in a short amount of time, which means prices at the pump follow suit. Roughly about 53% of what we pay for when we buy gasoline or diesel is for the price of crude and it’s hard to predict if it will rise again.

“I think for consumers the best advice is expect this volatility expect the high gas prices no one likes them but realistically I think you’re going to have to factor them into planning for the family budget for the foreseeable future,” says Dodds.

Some ways to save gas is to download an app to track the cheapest gas near you, join a loyalty program, run errands all at once and drive the speed limit.

AAA despite the high price, they haven’t seen a decrease in the demand for gas. In fact, they’ve seen an increase and say it’s due to two things, the pandemic and the return to normalcy.

With summer around the corner, triple-a is expecting a very busy travel season, AAA says don’t expect to see any 3-dollar gas prices anytime soon.