Price At The Pump: Back-And-Forth Oil Prices Continues

Once again, oil prices not moving much from the low to mid-$60 per barrel range.  It’s a trend we’ve seen for several months.

“We are seeing oil prices, seeing a touch of a rebound from last week with sanctions and some geopolitical tensions kind of weighing on prices as President Trump calling on NATO countries to impose some additional sanctions on Russian energy, suggesting that Ukraine could take back all of its land from Russia," said Matt McClain with Gasbuddy.com.  "But then you've also got the other opposite where OPEC+ members are maybe considering a bit of a further increase in oil supply for November. So that's kind of putting a little bit of a pressure on the price point more toward the downward trend.”

As of Tuesday morning, West Texas was trading slightly lower to $62 per barrel, while Brent Crude was trading around $67, slightly off Monday’s numbers.

Gas Prices Differ Greatly Between The Three NW States

McClain noted that fuel prices, at least gasoline prices, have moved lower across the Northwest.

“[Prices in Washington are] Down about 10 cents from last week, but up about 12 cents from a month ago, and unfortunately up about 51 cents from a year ago across the state of Washington. Now in Oregon, you're looking at a similar situation, only down about 4.8 cents over the last week, up 21 cents from a month ago, and up 54 cents from a year ago. And then in Idaho, the average price at $3.46 a gallon, prices are down about 4 cents from last week, up less than a penny from a month ago and steady from a year ago. So, depending upon what state you happen to be in, that's going to make all the difference in how much you're going to be saving at the pump.”

Price At The Pump Podcast:

And remember to join us Tuesday mornings on NW Ag Today for your PNW Ag Network Price at the Pump.

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