October 31, 2014

Gas prices plunge across the state

Gasoline prices are dropping in most Iowa cities, with some gas stations in the state lowering prices 50 to 60 cents in the past month. Rose White, at Triple-A-Iowa, says pump prices will likely keep dropping into November in response to rising supplies and falling crude oil prices.

“Not all of the decreases have been passed on to consumers so during the next three weeks, we’re likely to see continuing retreating fuel prices,” White says. The average price for a gallon of self-service unleaded gas in Iowa is now $3.54, though some Iowa communities are in the three-dollar and 20 cent range.

White says the summer driving season is long over and demand for gasoline has dropped. “We do anticipate there will be further reductions in fuel prices across the country,” she says. “Some communities in the states of Ohio, Missouri, Illinois, they’ve seen prices fall to retail levels approaching the three-dollar level.”

While gasoline is falling in price, diesel prices remain high, averaging $4.15 a gallon in Iowa. “It is a different type of fuel blend that’s used heavily of course by the motoring transportation industry,” White says, “but for the unleaded fuel prices, as well as the ethanol prices, we are seeing them plunge across the Midwest.”

Some areas of Iowa have seen prices fall 20-cents a gallon in the past week. While the current average price for gas is $3.54 a gallon in Iowa, that’s down from $3.83 a month ago. The current national average is $3.66 a gallon.