Crude Oil Prices Gain, Gas Prices and Diesel Fuel Prices Follow

On Friday, President Barack Obama told auto club AAA in an interview Friday that the tension in Iran and the Middle East is adding $29 to $30 a barrel to the price of oil. That would mean that its adding 60-90 cents per gallon to gas prices and diesel fuel prices. I am not sure if there is a $30 premium. I would say $20 maybe but even that is difficult to determine. We have many different things that are adding to the price of oil.

The national average price for retail gas has jumped 19% since the beginning of 2012. Experts predict the national average could peak in April, rising as high as $4.25 a gallon. Talking about your April showers. Hopefully, May’s gas prices will be lower.

Diesel fuel prices are up nationally 36 cents since the beginning of the year. That is over 11 weeks we have seen diesel fuel prices go up on average of just over 3 cents per week. Not a good sign.

Let’s hope tensions can ease some and we can get a correction so we can all enjoy some lower gas prices and lower diesel fuel costs.