Iowa drivers are seeing gasoline prices drop in recent weeks, with many stations dipping prices below two-bucks a gallon for the first time in months. Rose White, spokeswoman for Triple-A Iowa, says supplies are up and crude oil prices have fallen significantly.
Pump prices have fallen 15 to 20-cents a gallon across the state though she thinks they may continue to fall, if commodities market prices also keep dropping. White says this time of year, a few weeks after the big year-end holidays, is a traditional period where fuel supplies grow as fewer people are driving.
Many people are done with their holiday traveling and stores aren’t seeing a holiday surge, so there’s usually a nice "build" in transportation supplies. White warns OPEC nations are watching the prices too, and may take action to increase crude prices when they meet next month. The statewide average for gasoline is now $2.07 a gallon, down from $2.25 a month ago. The national average is $2.19.