Gas prices in the Portland area are still on the rise

PORTLAND, Ore. (KOIN) — As national average gas prices dip a little, Portland is one city that is still experiencing increases in the cost of a gallon.

According to fuel price monitoring app Gasbuddy, the average cost of gas in Portland grew by 3.9 cents in the past week and now sits at $4.15 per gallon. The website says this is 15.8 cents higher than the average price at this time in March, and 59.2 cents lower than the price at this time in 2022.

On a national level, however, the average cost of gas fell to $3.64 per gallon. GasBuddy’s head of petroleum analysis says this is the first time in weeks that the U.S. has seen a drop in the cost of gas.

"Typically, gas prices peak between May and June, and with the oil market showing significant cracks in strength, we may have seen the peak in the national average already occur, a few weeks earlier than average,” Patrick De Haan said.

AAA says Oregon currently has the sixth-highest gas rates in the country. Data shows that the state reached a springtime high of $4.09 per gallon just last week.

One factor affecting the cost of gas is crude oil, which is the prime ingredient in petroleum products like gas.

In early April, the Organization of the Petroleum Exporting Countries announced that it’d be reducing its crude supplies by more than 1 million barrels per day to better suit the slowing economy.

Crude oil prices surged above $80 per barrel following OPEC’s announcement, according to AAA, but they’re now on the decline once again.

“If this trend of crude oil prices below $80 continues, drivers may see falling gas prices,” AAA Oregon/Idaho spokesperson Marie Dodds said.

Another change influencing the cost of gas is summer blend fuel, a more expensive gas blend that the Environmental Protection Agency requires in the summer months because it’s less likely to evaporate when temperatures rise.

Dodds says the West Coast gas prices will continue to climb before reaching their peak in May.