Price At Pump: Fuel Prices Continue To Edge Lower

Despite a slight uptick last week, thanks to increased tensions between Russia and Ukraine, oil prices continue their overall their downward movement. Patrick DeHaan with Gasbuddy.com said oil prices were trading in the low $69 per barrel range Monday, pushing fuel prices lower as well. DeHaan noted those fuel prices have been slowly dropping for six straight weeks.

“The average gasoline price nationally, now $3.01 a gallon, that's the lowest tally since 2021," DeHaan noted. "Diesel prices also continue to trend lower, falling a little over a penny again in the last week. The national average for diesel is now $3.50 a gallon, that's also the lowest tally since 2021. Certainly, great news for consumers of gasoline and diesel going into Thanksgiving.”

When it comes to the final five weeks of the year, DeHaan said he thinks oil prices will remain fairly stead, bouncing between $65 to $75 a barrel.

“Certainly we'll have to wait until OPEC has its annual meeting here in about a week to see if there's going to be any change in policy. I would expect that OPEC would increase production into 2025," DeHaan added. "And with a friendlier incoming president to the U.S. oil sector, we could also see downward pressure on oil prices through next year. So, it’s shaping up to be a decent year on the horizon for consumers with potentially lower energy prices. But that could mean also a worse year for oil producers.”

DeHaan said the mid weather much of the country has experienced this fall has lowered demand for heating oil which has also allowed oil and diesel prices to move lower.

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