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.
Farm Bureau Economist Dr. Faith Parum warns farmers to brace for more losses as the war in Iran sends shockwaves through the ag economy and raises input costs even further.
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Fewer DEF-related shutdowns could mean more uptime during planting and harvest seasons.
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Consumer spending continues, but value-focused buying is on the rise.
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Higher energy activity likely keeps fuel and fertilizer costs elevated.
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Rising fuel costs will soon increase grain transportation expenses.
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At the White House’s “Celebration of Agriculture,” the Trump Administration announced a slate of policies to support farmers and ranchers, including biofuel mandates, SBA loan programs, and new labeling policies to boost domestic markets for ag products.
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