Oil Prices In Holding Pattern In Front Of Iran Sanctions

The international community continues to hold its breath a week head of sanctions against Iran. Dan McTeague with GasBuddy.com said it’s still too early to tell what this means for oil supply on the international scene. He said OPEC member could increase production in hopes of countering the loss of Iranian oil which could lead to a glut on the open market. Or, “We very well may see a tightness in supply. Baring that, I think what you see is pretty much what you get. Oil moving up and down by a couple of pennies here and there, but nothing to really have an impact on the pumps, just yet.”

McTeague added some were concerned that Saudi Arabia may trim production after international outrage following the death of a Washington Post reporter. But, McTeague said Saudi Arabia does not have the pull it use to when it comes to oil supply, and the Kingdom is looking less and less likely to curb production.

When it comes to diesel prices; the national average for a gallon of diesel dipped one cent in the past week to $3.28, the Oregon average fell three cents to $3.69, and Washington’s average held steady at $3.61.

As far as the lowest local diesel prices: