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Monthly Fuel Prices: According to the Oregon Department of Transportation (ODOT), the average monthly fuel price in Oregon has fluctuated throughout 2024. For instance, in January 2024, the price was $2.6344 per gallon, while by December 2024, it had decreased to $2.4026 per gallon
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Gasoline Prices: AAA Oregon/Idaho reported that the average price of regular gasoline in Oregon began 2024 at $3.79 per gallon and ended the year at $3.45 per gallon. The lowest price during the year was just under $3.45 per gallon on December 30, while the highest was nearly $4.51 per gallon on May 1
Factors Influencing Fuel Costs
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Crude Oil Prices: In 2024, West Texas Intermediate (WTI) crude oil prices ranged between $66 and $87 per barrel. These fluctuations directly impact fuel prices, with increases in crude oil prices often leading to higher fuel costs
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Fuel Taxes: As of January 2024, Oregon's state gasoline tax was $0.40 per gallon. Additionally, a federal excise tax of $0.185 per gallon applies. Some cities, like Eugene, impose their own local fuel taxes, which can further increase the overall cost per gallon
Renewable Diesel and Clean Fuel Initiatives
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Renewable Diesel Consumption: The consumption of renewable diesel in Oregon has been rising, driven by clean fuel regulations. In 2024, renewable diesel consumption reached 240,000 barrels per day, up from 190,000 barrels per day the previous year.
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Clean Fuels Forecast: The Oregon Department of Administrative Services projects a 34.6% increase in renewable diesel consumption from 2022 to 2024, with an expected blend rate of 10.0% in 2024
Long-Term Outlook
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Fuel Price Projections: While fuel prices experienced a decline in 2024, factors such as global oil market stability, geopolitical events, and domestic policies could influence future fuel costs. Trucking companies may need to consider strategies like fuel hedging to mitigate potential price volatility