Gasbuddy: Oil Prices Have Stalled

Despite the start of the summer driving season is just weeks away, oil prices continue their downward descent. Dan McTeague with Gasbuddy.com told the Washington Ag Network oil prices have dropped about 10% in value since April 11^th, and he sees no reason to believe oil prices will increase anytime soon.

“Plenty of indications that the world knows how to produce plenty of oil and it’s looks like we’re going to continue to see below $50 a barrel oil for both what we use here, West Texas Intermediate as well as Brent Oil.”

McTeague continued for the time being oil is expected to stay depressed. And he doesn’t see OPEC’s recent moves having much of an impact.

“I think [oil] prices have stalled and begun to reverse themselves meaning that Memorial Day, although it will be more expensive than this time last year, it certainly won’t be anywhere close to what we saw a few weeks ago.”

Because of the decreasing oil prices, diesel prices have held or dropped slightly over the past week. The national average for a gallon of diesel decreased one cent to $2.52, the Washington average held steady at $2.88 a gallon, while Oregon’s average increased one cent to $2.70 a gallon.

Here are some of the lowest diesel prices we could find across the Inland Northwest: