Oil Prices Rebound Slightly

After weeks of downward movement, oil prices have turned a corner and are moving higher; slightly. West Texas Crude was trading Monday afternoon just below the $20 per barrel mark, up considerably from two weeks ago when prices were below zero. Patrick DeHaan with GasBuddy said oil prices moved higher thanks in part to the May 1^st OPEC production cut, and also economic optimism.

“And for those concerned that pricing rising will start to rise closer to levels we saw last year. Well, good news, there. That recovery to prices we saw before coronavirus maybe months away, as demand has rebounded, but full demand restoration may take months or longer.”

When it comes to OPEC’s production cuts, DeHaan said it looks like that’s encouraged the UAE to cut production as well, which could push oil prices even higher in the coming weeks.

What does that mean for pump prices in your community? The national average for a gallon of diesel dropped one cent in the past week to $2.42, Washington’s average slipped two cents to $2.66, Oregon’s diesel price slipped one cent to $2.56 a gallon, and Idaho’s diesel price came in at $2.34, down four cents this week.

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