DeHaan: Coronavirus Continues To Push Oil Prices Lower

As the coronavirus spreads internationally, global economies are slowing, requiring less fuel and less oil. And in turn that has pushed oil prices lower yet again. Patrick DeHaan with GasBuddy.com said the reduced demand has been the #1 issue on the minds of investors for weeks now, and it remains unseen how far and wide the coronavirus will spread.

He noted it’s gotten to the point that OPEC will meet later this week in Vienna to talk tout how to stem the decline in the price of oil.

“OPEC is meeting in Austria and they are going to discuss that, and they are likely going to cut oil production, that’s my best guess, given the gravity of reduction in the oil demand globally due to the coronavirus.”

The national average for a gallon of diesel dipped three
cents this past week to $2.84, while Washington shaved two cents off its diesel
average coming in at $3.24, meanwhile Oregon’s average diesel price held at
$3.15 a gallon while Idaho’s diesel price slipped three cents to $2.99.

Here are some of the lowest prices we could find across the
Inland Northwest:

• $2.85 a gallon in the Tri-Cities
• $2.94 a gallon in Wenatchee
• $2.99 a gallon in Pullman
• $2.86 a gallon in Lewiston
• $2.98 a gallon in Moses Lake
• $3.03 a gallon in Pendleton
• $3.09 a gallon in Walla Walla
• $2.83 a gallon in Yakima

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com