Oregon drivers faced record-high gas prices this Memorial Day weekend, with the average price for regular gasoline reaching $5.31 per gallon. This surpasses the previous record of $5.20 set in 2022. While gas prices have slightly decreased in 44 states, including Oregon, the national average remains the highest in four years at $4.49 per gallon.

Global Factors Impacting Prices

The fluctuation in gas prices is largely attributed to ongoing global tensions, particularly the conflict involving the U.S. and Iran. Recent U.S. strikes on Iran have caused crude oil prices to rise again, despite earlier signs of a potential deal to end the war. The price of West Texas Intermediate, a benchmark for U.S. crude oil, has seen significant volatility, ranging from $71 to nearly $113 per barrel since the conflict began.

Marie Dodds, public affairs director for AAA Oregon/Idaho, noted that crude oil prices remain about 30% higher since the conflict with Iran began on February 28. The closure of the Strait of Hormuz, a critical passageway for global oil supplies, further exacerbates the situation, as it affects about 20% of the world’s oil flow.

Seasonal and Regional Influences

In addition to geopolitical factors, seasonal changes also play a role in gas price fluctuations. The transition to summer-blend fuel, which is more expensive to produce, typically causes prices to rise in the spring. This switch happens earlier in California, leading to higher prices on the West Coast compared to other regions.

AAA projected a record number of travelers over the Memorial Day weekend, with 620,000 Oregonians expected to travel 50 miles or more from home. Despite high gas prices, 87% of holiday travelers were projected to travel by car.

As global and seasonal factors continue to influence gas prices, Oregon residents and travelers should remain prepared for potential fluctuations in the coming months.

Original reporting: KTVZ (Central Oregon) — read the source article.