International Instability Continue To Drive Oil, Fuel Prices

International issues continue to weigh on the minds of investors, and in turn move oil prices up and down. This week, oil prices are moving higher, thanks to the increased tensions between the U.S. and Iran. Those tensions, and the threat of a military conflict, have pushed oil prices from $51 per barrel to $58. This comes after a week where oil prices dropped considerably due to the prolonged trade war with China.

Dan McTeague with Gasbuddy.com said with things changing so drastically, by the hour sometimes, it’s hard to predict where oil prices will be in the coming months.

“Next several months economically aren’t going to be good, there won’t be a lot of demand there, and the U.S./China trade war will tip the world into a recession. So, those kinds of bearish sentiments are really leading to mixed signals as of late.”

Despite that bearish news, McTeague said many are speculating that oil prices will creep higher this summer, but as the first six months have pointed out, 2019 is not a typical year. The national average for a gallon of diesel slid two cents to $2.99, the Washington average shaved off two cents to come in at $3.34, while Oregon’s diesel price slipped three cents to $3.21 a gallon.

As far as local diesel prices are concerned here e are some of the lowest local pump prices we could find: