Gasoline prices are climbing to new record highs –daily– in Iowa, now averaging $3.46 a gallon statewide. As the warmer weather is setting in, the experts say those high prices likely won’t come down — but will continue to rise. Rose White, spokeswoman for Triple-A-Iowa, says increased demand for gas worldwide is to blame.
White says as crude oil prices continue to climb due to global demand, there’s no turn forecast in the market. One plus, she says India is building a refinery that promises to be among the world’s largest and it should start exporting gasoline in September.
White doesn’t think the average price of gas will go much higher in Iowa, but it likely will climb another dime or so before topping off. She says it was anticipated that the average price would be between $3.50 and $3.60 a gallon, but as crude oil prices continue to hit new record highs, the average may go above $3.60 as the summer months approach.
Iowa’s current $3.46 a gallon is seven-cents below the national average. Diesel fuel is selling for an average of $4.13 a gallon in Iowa, also a new record high.