Concerns Over China Mexico Pushing Oil Prices Lower

As we start June, oil prices have plummeted, falling roughly $5 a barrel in the past week. And with prices hovering around $53 a barrel, oil prices are $13 a barrel lower than the year’s high-water mark set in April. Patrick DeHaan with GasBuddy.com says prices have been hurt by the escalations and tension between the U.S. China.

“Also on the radar is Mexico, that that is continuing to drive worry that there will be a slowdown in the economy, and that would affect oil demand, which would likely drop and that’s part of the reason oil prices have dropped all the way down to $53 a barrel.”

DeHaan noted diesel prices will remain under pressure in the foreseeable future.

“For the similar reasons impacting the price of oil, so, I would expect that we’d see refined products continue to see selling pressure, and that will translate into lower gasoline and diesel prices, in the next week and likely longer.”

As far as diesel prices are concerned, all averages dropped one cent over the past week, with the national average for a gallon of diesel dropping from $3.09 to $3.08, Washington’s rate slipped from $3.43 to $3.42, and Oregon’s rate fell $3.30 to $3.29 a gallon.

Here are some of the lowest local diesel prices we could find: