Price At The Pump: Oil Prices Jump, Fuel Prices Expected To Continue To Climb

Oil prices continue to climb.  As of Tuesday, West Texas and Brent Crude were both higher $87 and $91 a barrel respectively.

Patrick DeHaan with Gasbuddy.com says while there was a little back and forth with oil prices over the past week, rates are substantially higher than a week ago.  And he said fuel prices are expected to follow.

“But with diesel prices jumping another $0.25 a gallon this morning, retailers will likely raise diesel prices through the course of this week," DeHaan noted.  "And that's really bad news for much of the U.S. economy, truckers, farmers, as diesel prices continue to jump.”

Western States Could Struggle To Find Oil

DeHaan said that no oil and no cargo is moving through the Strait of Hormuz, which is why oil prices have jumped so much so quickly.  And while oil is an international commodity, he does anticipate some areas will feel the pinch from the war in Iran more than others.

“West Coast refineries in the United States may begin finding it more difficult to find oil to refine in their facilities," DeHaan said.  "So, if anyone is maybe more exposed, the U.S. West Coast refineries in California may struggle and may have to do additional work to secure oil for their refineries the longer this persists.” 

When it comes to Northwest gasoline prices: 

• Washington’s average is $4.63
• Oregon’s average is $4.20
• Idaho’s average is $3.24 

DeHaan Talks About the Ongoing Market Volatility

Remember to tune in to Northwest Ag Today Tuesday mornings 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