Consumers Enjoying Favorable Oil Prices To Wrap Up Summer

As we prepare for the unofficial end of summer in the coming weeks, consumers are enjoying flat oil prices. GasBuddy.com’s Patrick DeHaan says fuel prices in some categories are at their lowest levels since early May, thanks to oil prices that have held in the mid-$60 per barrel range this summer. He noted there are a lot of issues, both bullish and bearish weighing on the crude oil market.

“A lot of pessimism surrounding the global economy, President Trump’s trade deals with China, concerns over Turkey’s economy, and moves there as well. Overall, oil production remains fairly robust here in the United States, surpassing 11 million barrels per day, refineries are keeping up with demands.”

As we look towards Labor Day, and then the actual end of summer in mid-September, DeHaan says unless a Hurricane hits the Gulf Coast, gas prices are expected to slowly decline. However, diesel consumers may not see much of a price dip.

“The end of the Ag season is coming up as well, and we’re talking about heating oil season soon in the fall and winter, so that may keep diesel prices from following gas prices much lower.”

As far as the local prices for diesel are concerned: