Gas prices jumped dramatically yesterday, and Iowa Department of Natural Resources fuel market analyst David Downing says there’s a good reason prices rose about a dime in a day. A big refinery in Indiana has been shut down for five weeks. Downing says having that refinery and perhaps a couple of others shut down so close to the summer driving season makes the market nervous. The price of crude oil also rose above 24-bucks-a-barrel this week.Downing says gas is sold as a commodity, just like corn and soybeans, so that’s why prices fluctuate.Iowa pump prices are in the dollar-30 range, and Downing expects that’ll be the price for a few more days.
You are here: Home / Gas prices shoot up again