Gas Prices Drift up Nationally but tick lower in Oregon

Concerns of violence in the Middle East put upward pressure on Crude Oil Prices

Pump prices are moving up or down a bit, depending on the market, but remain well below last year’s price.  The national average for regular unleaded adds a nickel this week to $3.59 a gallon, while Oregon’s statewide average drops two cents to $3.70.  Last year at this time, the national average was $3.83 and Oregon’s was $4.02.

See details in the attached news release.

Concerns over possible U.S. intervention in Syria have put upward pressure on crude oil prices.  West Texas Intermediate (WTI) crude oil prices have now settled above $100 per barrel each day since the beginning of July due in large part to violence in Egypt, Libya and Syria.

But these increases are not translating into dramatic hikes at the pumps because of decreased demand due to the end of the summer driving season, a calm hurricane season, the impending switch-over to the less expensive winter blends of fuel, and increased domestic oil production.

What can consumers expect as we head into September?  And how might any military action in Syria impact crude oil and gas prices? Let me know if you need more info or would like to do an interview.