Oil Could Be Moving Higher In The Coming Months?

The price increase we saw for oil prices last week has cooled a bit. Dan McTeague with GasBuddy.com said oil prices were flirting with the $60 per barrel mark last week, but has slowly trickled back down to $59 a barrel. McTeague said enjoy those lower oil prices while you can. He noted while oil demand is high in the United States, many are nervous about the possibility of a global economic slowdown.

“There isn’t a lot of evidence of that. It depends on how you look at it, but what’s really happening here, it’s causing a lot of producers to really back off on producing oil. Not only is OPEC not producing, not only is Venezuela in a real problem, Mexico can’t do it, Canada has cut back on its oil. You’re looking at a scenario where tightening global and oil supplies are going to start to have their impact one way or another.”

It’s been a crazy year for diesel, and McTeague anticipates diesel prices holding steady for the foreseeable future.

The national average for a gallon of diesel increased one cent this week to $3.02, while Washington’s average moved up four cents to $3.24 a gallon, while Oregon’s rate for diesel increased two cents to $3.12. Here are some of the lowest diesel prices we could find across the Inland Northwest: