Despite Sanctions Against Iran, Oil Prices Don’t Increase Dramatically

During much of the late summer and early fall, economists were worried what would happen to oil prices, and oil supply after the United States returned sanctions on Iran, starting early this month. Now that those sanctions have been in place, we can see what impacted they had on what we are paying.

Very little if any.

Gasbuddy.com’s Patrick DeHaan said the White House made a few previsions just before the November 4^th implementation dateline, keeping much of Iran’s oil flowing on the market. That move ensured prices held steady or in many cases dropped. Because oil prices are relatively low, there is some concern that OPEC may trim production to move prices higher.

"They said they were going to cut production at an impromptu meeting that they held over the past weekend. But, so far, that’s failed to stymie the price of oil which is still up just two cents per barrel today to $60.21.”

As far as diesel prices are concerned, the national average dropped two cents in the past week to $3.25, while the Washington average slipped three cents to $3.58, and Oregon’s rate dropped two cents to $3.43 a gallon.

As far as local prices are concerned: