Oregon Gas Prices Surge to $5 Amid Middle East Conflict
Key Takeaways
- Oregon average reaches $5.00 per gallon for first time in four years.
- Prices climb due to Iran conflict, Strait of Hormuz closure, and Middle East disruption.
- Portland's price reaches $5; national average climbs to $4.14.
Rising Prices
Oregon's average gas price surged to $5.00 per gallon as the conflict in Iran pushed crude oil prices above $100 per barrel.
The rise was driven by the ongoing closure of the Strait of Hormuz, damage to Middle Eastern energy infrastructure, and seasonal factors.
Crude oil prices have increased about 67% since the U.S. and Israel launched airstrikes against Iran.
Regional Impact
The Oregon average hit $5.00 for the first time since October 2022.
Last year, prices at this level were driven by the Russian invasion of Ukraine and refinery outages.
Several California refineries went offline, which put a major crimp in West Coast supplies.
Global Oil Market
West Texas Intermediate closed at $67.02 on February 27 and settled around $112 on March 11.
“Oregon gas average hits $5 as Iran war drives crude oil above $100 PORTLAND, Ore”
The surge in crude prices reflects the interconnectedness of global energy markets.
AAA's Marie Dodds warned that there was no relief in sight for drivers.
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