Price At The Pump: Oil Prices Move Higher To Start The New Year

We’re only a week into the New Year, but oil prices have been moving for most of 2025.  Oil prices were trading around $74 per barrel Monday, reporting some of the highest prices seen in several months.  So, why the sudden jump in crude prices?

“Now there's some optimism out of China as they continue to work on stimulus to inspire demand there," said Patrick DeHaan with Gasbuddy.com.  "In addition, we now are seeing a potential of new elections in Canada, as Prime Minister Trudeau, has resigned.  And certainly, that could cause a little bit of a difference. I want to come to energy policy north of the border.”

When it comes to Canada, DeHaan said the nation is currently one of the top oil producing countries in the world.

“And [Canada] is also the largest source of imported oil to the United States, so any shift in policy could see a potential increase not only oil production, but keep in mind the Keystone XL Pipeline which was cancelled by President Biden in one of his first steps in the oval office four years ago, we could see a shift between President-elect Trump once he takes the oath of office, and a potential new administration in Canada.  There could certainly could be additional partnership or a change in what was previously cancelled that is the Keystone XL Pipeline.”

DeHaan added with oil prices elevated and potentially moving higher, he said there is a real possibility fuel prices will move higher in the coming weeks and months.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com