International Issues Holding Oil Prices In Limbo

Last week, international issues were driving oil prices lower. Once again international issues are impacting oil prices, but this time moving them higher.

Patrick DeHaan with GasBuddy.com says last week the announcement of additional tariffs by the U.S. against China, and China’s retaliatory tariffs pushed oil prices downward. This week, its tensions in the Middle East impacting oil prices.

“Some new issues, sabotage in Saudi Arabia, and the situation with Iran have tensions fairing there, have put upward pressure on prices. So, the two have really offset each other. And that’s why oil prices are really stuck in limbo for now.”

With oil prices expected to hold steady for the foreseeable future, what can we expect at the pump? DeHaan said GasBuddy.com expects gasoline prices to drop in the coming weeks, with diesel prices moving higher.

“The average price for diesel up about .4 of a penny in the last week, averaging $3.43 in the state of Washington. That will likely see some but only modest relief compared to the price of gasoline in the weeks ahead.”

As far as the lowest diesel prices we could find are concerned: