Fuel Prices Ease While The World Watches U.S.-Iran Relations

UNDATED (WJON News) -- Average gasoline prices declined in 40 states over the last week.

Gas Buddy says much of the decline came after renewed optimism surrounding a potential U.S.-Iran agreement pushed oil prices lower.  However, while oil continued drifting lower over the weekend on hopes of a deal, new reports involving U.S. defensive strikes highlight how quickly the outlook could change.

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Average gasoline prices in Minnesota have decreased by 11.3 cents per gallon over the last week, now averaging $4.30.  The national average price of gasoline has decreased by 6.6 cents per gallon over the last week, now averaging $4.45 per gallon.  The national average price of diesel has decreased 4.0 cents compared to a week ago and stands at $5.57 per gallon.

Livestock producers are adjusting to rising input costs related to the conflict in the Middle East. Minnesota State Cattlemen’s Association executive director Kaitlyn Root says it’s unreal how fast fuel prices have gone up:

Even just hauling hay. I was talking to a producer the other day that’s like ‘man, with this drought and we’re trying to get hay to Nebraska and Kansas it’s really a pretty horrible time for these fuel prices to rise

Root says trucking expenses are adding up:

With the feedlot operations and cow-calf operations, we have cattle moving across state lines all the time. So definitely these prices really impact all of our producers.

Root says, thankfully, strength in the cattle market is helping producers handle increasing costs.