Surging Price of Gas in Iowa: Average Reaches $3.92, Up 34 Cents in Recent Weeks

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This is up by 51 cents compared to last year. Nationally, the average stands at $3.85, reflecting a 5-cent rise from the previous week.

Surging Price of Gas in Iowa
Surging Price of Gas in Iowa ( Photo: Newstalk KGBO )

The price of gas in Iowa has seen a significant surge, with regular unleaded gasoline now averaging $3.92 per gallon, marking a 34-cent increase

In tandem with this, the price of gas in Iowa has also experienced an uptick, albeit a more modest one, rising by 1 cent to reach an average of $4.27 per gallon. This is in contrast to the $4.86 average price of gas in Iowa seen in Iowa a year ago. Notably, Iowa’s price of gas in Iowa is currently 24 cents lower than the national average, which sits at $4.51.

Turning to global crude oil prices, there has been a noticeable increase. West Texas Intermediate (WTI) has surged by $2.61 per barrel, reaching $88.98, while Brent crude oil has seen a similar rise of $2.73, now standing at $92.25.

In comparison, a year ago, WTI was priced at $87.31, and Brent crude at $92.04

Meanwhile, wholesale ethanol prices have remained steady at $2.16. Specific to the Des Moines Terminal/Rack Prices, U87-E10 is at $2.97, Unleaded 87 (clear) at $3.49, ULSD#2 at $3.39, ULSD#1 at $3.89, and E-70 is priced at $2.64 per gallon.

In the realm of natural gas, there’s been a notable increase of 23 cents in the price of gas in Iowa at the Henry Hub reporting site, with prices currently standing at $2.76/MMbtu. Additionally, in September, we will commence reporting on retail heating oil and propane price of gas in Iowa.

 

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