DeHaan: Recovery From Pandemic Pushing Oil, Fuel Prices Higher

The past week has been a quiet one when it comes to oil prices and fuel prices nationwide. West Texas Crude traded around $65 per barrel Monday, some of the highest prices we’ve seen in weeks, but still off of the numbers reported in March. Demand continues to go up across the U.S. pushing those oil prices higher, thus pushing fuel prices higher across the Northwest and across the country.

Patrick DeHaan with GasBuddy says most of the increased demand is tanks to improvements on the COVID-19 front, and more and more confidence that the end of the pandemic is in sight.

“I think that’s spurring on more economic activity and leading demand higher, and I think that’s really what’s in charge of oil prices globally, as we see continued recovery from the pandemic, things are getting back to normal and demand is going up, as businesses reopen, work places reopen, schools reopen, bars, restaurants, sporting and everything reopen.”

DeHaan noted while disruptions to the supply chain have impacted many parts of the U.S. economy, he said oil and fuel is note one of those sectors. What does he expect for fuel prices in the coming months?

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