Oil Prices Fall Amid Economic, Demand Concerns

"Oil prices this morning have plummeted down to about $75 a barrel the lowest level since Russia's invasion of Ukraine back in February that has pushed gasoline and diesel prices down," said Patrick DeHaan with GasBuddy.  He added fuel prices have tumbled considerably over the past couple of weeks, resulting in relief at the local station.  He said there are a variety of issues pushing oil prices lower.

“With the slowdown in the economy, as well as China which continues to grapple with the surge in COVID cases, locking down their economy leading to less consumption, as well as refineries that have finished up maintenance season boosting production so certainly a lot into it.”

As 2022 starts to come to a close, DeHaan notes he thinks this trend of lower fuel prices will continue.

So, what will DeHaan be watching between now and January 1st, and why does he thinks Saudi Arabia will soon do an about face and increase oil production?  Listen to our entire Price at the Pump podcast to find out.

If you have a story idea for the PNW Ag Network, call (509) 547-9791, or e-mail glenn.vaagen@townsquaremedia.com