Price At The Pump: Fuel Prices Continue To Move Lower

Another weekend, another skirmish between the United States and Iran, as both sides exchanged strikes near the Strait of Hormuz over thew weekend. That pushed oil prices up slightly to start the week. However, in early Tuesday trade, both West Texas and Brent Crude were trading flat to slightly lower; in the low $70 per barrel range.

Despite the recent increase in oil prices, fuel prices have been on a slow slide downward for the past seven weeks.

"Washington State, along with the West Coast, saw some of the biggest declines of any region in the country," said Patrick DeHaan is with Gasbuddy.com. "Gas prices in Washington State falling 21 cents a gallon in the last week. The average statewide now is $5.13, that is 73 cents higher than where prices were a year ago. Diesel prices also continue to fall in Washington state. We're getting close to seeing the diesel price average fall back below $6 a gallon. For now, average price for diesel in Washington state about $6.06 a gallon, that is a nice decline of nearly 15 cents a gallon in the last week.”

Could Fuel Prices Move Higher?

In Oregon, diesel prices slipped 16 cents this week to $5.49 a gallon, while Idaho’s diesel price fell 20 cents to $4.77.

DeHaan noted gas prices have fallen 46 of the nation's 50 states.

With the recent uptick in oil prices, should consumers expect higher fuel price sot follow?

“[It’s] too early to tell exactly what the future looks like, but much of it is going to be driven by developments, whether good or bad, between the U.S. and Iran,” DeHaan said.

When it comes to the nation’s Strategic Petroleum Reserve, that continues to decline at a rate of 8-12 million barrels a week, and is at the lowest levels reported in 1983. DeHaan added he expects to withdrawals to continue for the month or two.