Oil prices are moving higher in trade due to the interest rate cut

Fuel bills have been lower recently, but oil saw some upward moves since the Fed cut interest rates last week. Officials with GasBuddy say several factors are at play, but they do not expect prices to continue their climb.

“So a lot of different wild cards. I don’t think oil prices are going to retest the sub-$70 barrel mark. We can head somewhere into the mid $70s for now, but that shouldn’t impact gasoline prices much simply because gasoline demand last week was rather sluggish, with GasBuddy data showing that U.S. gasoline demand last week fell by over two percent,” said Patrick DeHaan with Gasbuddy.com.

Right now, AAA has diesel at $3.58 per gallon, which is nearly $1 less compared to last year at this time. The nationwide average for gasoline is holding around $3.22 per gallon.

Related Stories
Shaun Haney joined us to discuss rising concerns over farmland ownership in Canada, actions being considered by provinces and farm groups, and the potential impacts of tighter regulations.
Florida’s import rule shows New World screwworm concerns are already affecting livestock movement and market conditions.
Rep. Adrian Smith joins us to discuss the push for nationwide year-round E15 sales and legislative hurdles for getting it into the farm bill.
Lower slaughter numbers reduced 2025 red meat output even with heavier cattle and hogs.
The Supreme Court’s ruling could affect pesticide warning claims well beyond Roundup. Richard Gupton with the Ag Retailers Association joins us to explain the importance of federal pesticide labeling standards and discuss the potential impact on the ag industry and supply chain.
Arbor Day event launches statewide effort led by 4-H and FFA

LATEST STORIES BY THIS AUTHOR:

Jose de Jesus explains the National Pork Board’s new campaign, “Taste What Pork Can Do,” which aims to build long-term engagement with Millennial and Gen-Z consumers.
Farm legal expert Roger McEowen highlights the legal challenges surrounding stray voltage, a recent court decision, and what it means for agricultural producers.
U.S. Agriculture Secretary Brooke Rollins shared a behind-the-scenes look at the journey as part of what’s being called the “Great American Egg Road Trip.”
Rising costs are significantly extending walnut profitability timelines.
Michael Cliver discusses his recent visit to the White House with the National Cattlemen’s Beef Association, and the Trump Administration’s “Working Families Tax Cuts” impact on ranching families.