The two-month decline in Iowa gas prices continued in the latest Iowa Department of Natural Resources survey.
DNR energy data analyst Jim Bodensteiner says there are a couple of factors pushing prices lower: strong supplies of gasoline and crude oil was at $57.66 a barrel, down by 4.6 percent from last month and 7.6 percent from last year.
The oil producing countries known as OPEC announced they will cut the supply of oil. Bodensteiner says those countries are trying to stabilize oil prices by cutting production by 1.2 million barrels a day.
He says further decreases in oil and gas prices aren’t likely, and if the prices go up, they probably won’t go up radically. Iowa still continues to have some of the lowest gas prices in the country, and Bodensteiner says that’s due to our position in the Midwest.
Parts of Iowa are seeing gas blended with ethanol priced at less than $1.95 a gallon. The U.S. average retail price for regular unleaded gasoline was $2.20 a gallon.