
Price at the Pump: Oil Prices Continue To Move Higher To Start ‘25
For the second week of the new year, oil prices have moved higher. Patrick DeHaan with GasBuddy.com said this most recent trend started last week.
“The Biden administration issuing harsher sanctions on shipping companies and vessels that would operate and take sanctioned crude oil from countries like Iran and Russia and deliver it to countries like China and India," DeHaan noted. "Those reinforced sanctions will likely curb the flow of oil from those countries essentially leading to lower global oil supply."
On Monday West Texas Crude was trading above $78 per barrel, while Brent Crude was trading around $81 a barrel; the highest levels for both of those products since October. Despite that jump, DeHaan says at this point, fuel prices have not moved higher.
Another international issue pushing those oil prices higher, DeHaan added, President-elect Donald Trump’s continued threat of tariffs against Canada, Mexico and other close U.S. allies.
“The U.S. receives a significant amount of crude oil, especially from Canada, and so the Saber rattling on the front of threatening Canadian tariffs has had an impact on prices," DeHaan said. "And if president-elect Trump does follow through on those tariffs, will likely have a drastic potential impact on the economies of both the U.S. and Canada.”
DeHaan added a domestic issue that could push oil prices higher, the cold weather much of the eastern and central portion of the country are experiencing right now. He said if this cold snap continues for an extended period of time, more and more oil may be pulled aside to be converted into heating oil.
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