Oil Consumption Drops As US COVID19 Cases Increase

After weeks steady increases because of an improving economy in the U.S., oil prices have plateaued as of recent. Patrick DeHaan with GasBuddy said oil prices are currently trading around $41 per barrel. DeHaan noted for the first time in ten weeks, gasoline prices reported a week-over-week decline nationwide.

He added while much of the concern is the increasing number of COVID-19 cases nationally, it’s not just the U.S moving oil prices. DeHaan said analysts are watching declining oil demand in several Asian countries, which is putting downward pressure on oil prices.

“From China’s perspective they’ve continued to fill their strategic reserve with crude oil, amid the lower prices.  But many other counties, India, for example, has been struggling with coronavirus cases, and consumption for oil is broadly down in Asia, South America and Africa as well.”

With flat oil prices, what does that mean for our local diesel prices?

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

• $2.39 a gallon in the Tri-Cities
• $2.34 a gallon in Wenatchee
• $2.89 a gallon in Pullman
• $2.21 a gallon in Lewiston
• $2.17 a gallon in Moses Lake
• $2.29 a gallon in Pendleton
• $2.59 a gallon in Walla Walla
• $2.35 a gallon in Yakima

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