Coronavirus is not only dominating the news headlines locally and nationally, but COVID-19 is also dominating the minds of oil investors. And that’s why oil prices have been trading near prices we haven’t seen since 2002, in the low $22 per barrel range.
Patrick DeHaan with GasBuddy.com, said oil prices are completely controlled by coronavirus at this point, including the emergency OPEC meeting earlier this month which triggered a price war between Saudi Arabia and Russia.
“[And] for that reason, gas prices, oil prices, diesel prices, have all plummeted in the past week across the country, and will continue to do so.”
DeHaan said until there is a sizable production cut across the board, and improvements are made on the coronavirus front, he does not anticipate oil prices will move higher. How are low oil prices impacting your neighborhood pumps?
Here are some of the lowest diesel prices we could find across the region:
- $2.63 a gallon in the Tri-Cities
- $2.69 a gallon in Wenatchee
- $2.89 a gallon in Pullman
- $2.79 a gallon in Lewiston
- $2.63 a gallon in Moses Lake
- $2.79 a gallon in Pendleton
- $2.89 a gallon in Walla Walla
- $2.45 a gallon in Yakima