Oil prices have climbed for most of the month of February. Patrick DeHaan with GasBuddy said oil prices have increased 15% over the past two weeks, with West Texas Crude now trading around $60 per barrel.
He noted that fuel demand is high and OPEC continues to keep tight control on production, pushing those prices higher. DeHaan added that many investors are also cautiously optimistic that the global economy is taking its first steps toward returning to normalcy.
“We continue to see slow but steady increases in overall gasoline demand which is fairly impressive. This is the time of year that gasoline demand typically weakens, but this year with the recovery and the COVID pandemic we have not seen the season downturn and that’s likely providing some fodder for future increases and future recovery in gasoline demand.”
DeHaan noted increased oil prices means an increase at the local pump.
The national average for a gallon of diesel increased six cents this week to $2.75, Washington’s price moved up three cents to $2.92 a gallon, Oregon’s diesel price also increased three cents a gallon to $2.82, while Idaho’s average increased four cents to $2.79 a gallon.
What impact, if any will the winter weather moving across the country have on oil demand and fuel prices. Catch out entire podcast with DeHaan to find out:
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