Pain at the pump: Seattle gas prices stuck near $6 as summer travel season kicks off

Gasoline prices are showing signs of relief across much of the country, but drivers in the Seattle area continue to feel the pinch at the pump, according to Patrick De Haan, the head of petroleum analysis at GasBuddy.

The national average has dropped roughly 16 cents per gallon over the past week — the largest weekly decline of the year — while Seattle prices have fallen only three cents, dipping just below the $6 per gallon mark to $5.95.

“We’ve seen a dip in most areas across the country, Seattle no exception, prices down only three cents a gallon though,” De Haan told “Seattle’s Morning News” on KIRO Newsradio. “Hopefully, we’ve got some more room to decline. There have been some issues in the Pacific Northwest that have caused a little bit of a slower decline.”

The downward pressure on oil prices comes amid ongoing negotiations between the United States and Iran, even as renewed violence between the two countries threatens to send prices climbing again. De Haan said the market is closely watching the potential for a deal that could reopen the Strait of Hormuz.

“The market continues to be focused on the potential of a deal. We don’t have a deal yet, but there’s a lot of dialogue happening back and forth that is putting downward pressure on oil,” De Haan said. “I have no crystal ball, but that is what the market is looking at as a lower level of risk as negotiations make it pretty clear that both sides are putting in more effort.”

Seattle gas prices expected to keep falling, but refinery issues slow the drop

Statewide, Washington gas prices have fallen about five cents over the past week. De Haan said he expects Seattle to catch up with the national pace of decline in the coming weeks, though refinery issues in Washington and Oregon continue to slow the drop.

The pricing relief comes as the busy summer travel season gets underway. GasBuddy’s summer travel survey found that 56% of Americans plan to travel this summer, down from 69% last year. Transportation Security Administration data also indicated a decline in air travel over the Memorial Day holiday — the first such drop since 2020.

“There is an impact to high prices,” De Haan said.

Airfares ‘all over the map’ as U.S.-Iran tensions keep oil markets on edge

Airfares, meanwhile, remain volatile. While jet fuel prices have eased slightly, De Haan said airlines are unlikely to pass those savings along quickly given the uncertainty surrounding U.S.-Iran negotiations.

“Airfares have been a little bit all over the map,” he said. “I continue to watch the same airfare that I’m going to be jumping over the pond here later this summer, and that airfare is all over the map, from 750 to 1250, back to 950, back to 750. It’s wild.”

De Haan advised travelers to consider booking refundable tickets so they can take advantage of price drops by rebooking at lower rates.

Current oil supply disruption is triple the 2022 Ukraine crisis, De Haan says

Comparing the current crisis to the 2022 Ukraine crisis, De Haan said the supply impact is significantly larger this time around, with 15 to 18 million barrels of oil currently not reaching the market — roughly three times the disruption caused by Russia’s reduced exports in 2022.

“Every crisis is a little bit different,” he said, noting that 2022 also featured a sharp rebound in demand following the lifting of federal mask mandates. “This time around, there’s not so much of an aggressive climb in demand.”

As for the ideal price of oil, De Haan said the sweet spot lies between $70 and $80 a barrel — a balance that keeps producers investing while sparing consumers from major pain at the pump.

“Ninety dollars is a great number for oil companies and incentivizes them to continue increasing production,” he said. “Of course, we’re now above it.”

Manda Factor is the host of “Seattle’s Morning News” on KIRO Newsradio. Follow Manda on X and email her here. 

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