PORTLAND, Ore. (KGW)— Gas prices are at a 10-year high and the average prices in Oregon and Washington are some of the highest in the nation.
For Maria Meyers’ family of six in Beaverton, rising gas prices are on the radar. One of her children is already driving and another is about to learn.
“It’s definitely starting to make me think twice about things,” Meyers said while refueling in downtown Portland.
Although Oregon saw the lowest weekly increase in the cost of gasoline this past week, Washington and Oregon have the third and fourth highest average gas prices in the nation respectively, according to data compiled by AAA. As of Feb. 14, both states had average gas prices just under $4.00/gallon.
“We’re all feeling pain at the pumps these days,” said Marie Dodds, director of government and public affairs for AAA of Oregon/Idaho.
Dodds said crude oil production took a hit at the beginning of the pandemic. With more people staying home and fewer people driving, demand for oil and gasoline decreased.
“Crude oil production is not where it was before the pandemic,” Dodds said. “Labor shortages, supply chain issues—this industry is also impacted by that.”
However, demand has rebounded and is now strong again.
“And it’s one of those things where you can’t just flip a switch and magically have crude oil back where it was,” Dodds said. “So we’re feeling the pain as the industry grows again and tries to catch up with demand.”
As of this week, crude oil is $93 per barrel, up $35 from last year. Dodds said crude oil accounts for 53% of the cost of gasoline.
“It’s the main ingredient in that gallon of gas or diesel,” she said.
Part of the problem lies in growing tensions with Russia, which is a big producer of crude oil.
Russian troops have amassed outside Ukraine and intelligence leaders worry Russia may try to invade the country. The conflict and possibility of retaliatory US sanctions against Russia are pushing crude oil prices even higher.
“Russia could withhold crude oil from the already tight global market,” Dodds explained.
AAA said gas prices will likely climb further in the first half of the year toward summer before eventually coming back down in the third and fourth quarters of the year.
“So it’s going to be a really bumpy ride until then,” Dodds said.
Dodds noted predictions are uncertain since many factors could change.
In the meantime, drivers are urged to conserve gasoline.
“Taking stuff out of your car, combining trips, driving less, if you have more than one vehicle in the home, use the vehicle that gets the best gas mileage for those trips,” Dodds suggested.
With problems half a world away, local drivers acknowledged the prices are beyond their control.
“I would hope that it would level out,” Meyers said. “But this is just life.”
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