Price At The Pump: International Issues Not Moving Oil Prices

With all of the international news, especially in oil producing countries, you’d think oil prices would be active.

You’d be wrong.

Oil prices have been very dossal to start 2026.  In early Tuesday trade, both West Texas Crude and Brent Crude were trading slightly higher; at $60 and $64 per barrel respectively.

Venezuelan Oil Won't Impact the Market For Year, Maybe Longer

Patrick Dehaan with Gasbuddy.com said while Venezuela is something to keep an eye on for the future, that's potentially years in the making.

“Oil companies still face a bit of a minefield going into a place like Venezuela, where there's still significant amount of pro Maduro loyalists," DeHaan said.  "And certainly the situation and moving forward is anything but clear on the direction of where Venezuela will go.”

DeHaan noted there was some controversy over the weekend, when the CEO of ExxonMobil said Venezuela is "uninvestiable" until further developments take place.  Those comments did not sit well with President Trump or the Administration.

Fuel Prices Continue To Move Lower Across The Country

DeHaan noted the stagnate oil prices have resulted in good news for consumers and the U.S. economy in general.

“So, majority of U.S. states have continued to see gas prices go down as oil prices have remained relatively low, and we see weaker seasonal demand helping to boost gasoline supply," DeHaan said.  "The same is true for the price of diesel, which fell about three cents a gallon nationally in the last week. The average for diesel now about $3.47 a gallon.”

For more on Venezuela, Iran, OPEC and everything that could impact oil prices, check out our Price at the Pump podcast:

Remember to join us Tuesday mornings during Northwest Ag Today for your PNW Ag Network Price at the Pump.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com