PORTLAND, Ore. (KOIN) — With strong demand for gas, pump prices continue to go up, including in Oregon.
According to AAA Oregon and Idaho, the cost of a barrel of oil is surging to near $120 per barrel. More than a quarter of all states now have averages at or above $5 per gallon, and the national average is likely to get there as well.
For the week, the national average for regular soared 30 cents to $4.92 gallon, said the announcement. The Oregon average shot up 25 cents to $5.46.
Those two were listed as record highs by the association. New record highs continue to be set daily.
“People are still fueling up, despite these record-high prices,” said Marie Dodds, the public affairs director for AAA Oregon and Idaho. “At some point, drivers may alter their daily driving habits, but it hasn’t happened yet.”
In Portland, the average cost for the price of gas was listed at $5.51 per gallon compared to $3.47 a year ago.
Up 25 cents, Oregon had the largest weekly increase in the region.
“The West Coast region continues to have the most expensive pump prices in the nation with all seven states in the top 10. This is typical for the West Coast as this region tends to consistently have fairly tight supplies, consuming about as much gasoline as is produced,” said AAA Oregon and Idaho.
California remains the only state with an average above $6.
“Crude oil prices are climbing because demand outpaces the tight global supply. Higher crude oil prices result in higher pump prices since oil is the main ingredient in gasoline and diesel,” explained the announcement.
According to the U.S. Energy Information Administration, about 53% of what we pay for in a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% are taxes – on average.
Demand for gasoline in the U.S. rose with a busy Memorial Day holiday weekend of travel, said AAA Oregon and Idaho.
However, the cheapest gas in the nation was listed in Georgia at $4.33 and Arkansas at $4.45. No states have averages below $3 a gallon.
For the 74th week in a row, no state has an average below $2 a gallon, the association noted.