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.
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K-State’s Dr. Gregg Ibendahl breaks down the impacts of the Middle East ceasefire on energy markets and input costs, and what farmers should watch in the weeks ahead.
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