CHICAGO, Ill. (RFD News) — Oil prices started the week lower as fuel costs remain elevated across the country.
Patrick De Haan with GasBuddy said hopes for renewed talks between the United States and Iran may be contributing to the move.
“I think what we’re seeing is markets are hoping that, potentially, instead of just leaving the problem, the Trump administration may be looking to restart talks. We’ll have to see if these potential talks develop. Obviously, there’s a lot of pain in the market with diesel prices and gasoline remaining very elevated. Ahead of the midterms, that’s why the Trump administration may be changing its tune and looking to start talks again with Iran.”
De Haan said fuel prices could see some relief in the coming weeks, although uncertainty remains.
“We may see a little bit of relief in the weeks ahead. Typically, gas prices do decline in the fall with lower consumption and a switch over back to cheaper winter gasoline that may help ease the specifications, and refineries overseas may be able to produce more gasoline for the U.S. market. Whether we see much of that relief is really contingent on ongoing escalations or potential de-escalations.”
AAA shows the national diesel average at $6.51 per gallon, down one cent from yesterday but above $6.39 a week ago. A year ago, diesel averaged $3.69 per gallon. Gasoline gained one cent overnight to $4.48 per gallon.