Fuel prices have been holding relatively steady, but more relief could be on the way.
Energy analysts with GasBuddy say more production is coming online next month.
“Raising production by over 400,000 barrels a day, OPEC has been making a lot of surprising announcements as of late, but certainly has some challenges. Kazakhstan has been noticeably talking about potentially increasing oil production, and so OPEC is likely having to act here now to stem some of that frustration among Kazakhstan,” said Patrick DeHaan.
DeHaan is not able to estimate how far prices could drop, but he says all types should see a decrease, including gasoline, jet fuel, and diesel. Right now, AAA shows a gallon of diesel running around $3.52 per gallon, compared to $3.90 per gallon a year ago.
Industry leaders say producers could still benefit even with many operations already using reduced-tax off-road diesel.
Smith says the measure would expand fuel choices for consumers while advancing energy independence.
Ethanol production climbed to a four-week high while inventories fell to their lowest level since early October, according to energy data analyzed by the RFA.
Farm Bureau Economist Dr. Faith Parum joins us to break down what year-round E15 passage could mean for agriculture, energy markets, and the future of renewable fuels in the United States.
While there is no guarantee a House vote will happen today, the measure has officially been placed on the congressional calendar.
Strong export demand is supportive, but higher freight costs may pressure basis and grain movement margins.
