Oregon City, Ore. – Supply concerns and market uncertainty sent oil prices soaring this week, pushing up pump prices for local drivers. Portland’s average rose 29 cents a gallon, to $4.33. The national average for “regular” is up 43 cents over last week, to $3.54, while Oregon’s average is now $4.26 a gallon; that’s a 31-cent spike. “And of course 31 cents sounds like a big jump. But actually, Oregon and Washington have some of the smallest week over week jumps in the nation,” says AAA-Oregon’s Marie Dodds.
International oil supplies were already impacted by the ongoing conflict between Russia and Ukraine, and Dodds says the US-Israeli strikes on Iran add to the volatility. “The US and many western nations do not consume oil from those countries. However, other major economies do, including India and China. And those economies still have to get their oil from somewhere.” After more than a year under $70, the cost of crude oil started this week over $95 a barrel. Tuesday, it settled back to around $80, but Dodds notes markets don’t respond well to uncertainty.
But local drivers do have options. Dodds says several mobile apps can help compare prices within a neighborhood, “Gas stations are businesses and every gas station has a different business plan, so you need to look at where you can find the cheapest gas closest to you.” Deals can also be found with credit card or store loyalty programs. “There are a lot of grocery stores, for example, where if you buy a certain amount at the store, they will give you a discount on gasoline when you fill up,” says Dodds, “So it’s worth looking into those types of programs.”…