Gas prices surge in Oregon amid Middle East tensions ahead of 4th of July

Gas prices in Oregon have surged to an average of $4. 05 per gallon, influenced by rising geopolitical tensions in the Middle East, primarily the Israel-Iran conflict. According to AAA Oregon/Idaho, if global crude oil supplies remain stable, prices may eventually settle down; however, ongoing volatility is expected to impact gas prices in the near term. The conflict has caused price fluctuations, but a ceasefire led to a slight drop in oil prices as markets reassess supply impacts. Iran's threats to block the crucial Strait of Hormuz could elevate crude prices significantly if those threats materialize.

As the July 4 holiday approaches, AAA anticipates record travel, with 72. 2 million Americans expected to journey 50 miles or more from home, reflecting a 2. 4% increase from last year. Oregon's gas prices began the year at $3. 45 per gallon, illustrating a steep increase over six months.

Despite these challenges, Dodds expressed cautious optimism about potential price stabilization if crude prices settle in the mid-$60 range. The West Coast continues to have the highest gas prices nationwide, exacerbated by tight supplies and high transportation costs.