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You are here: Home / Old gas price rules have gone out the window

Old gas price rules have gone out the window

July 11, 2008 By admin

The old rules of supply and demand apparently don’t apply to petroleum anymore. Gasoline consumption rates are down, supplies are up, yet pump prices continue to rise.

Triple-A-Iowa spokeswoman Rose White says Iowa continues to see its gas prices creep upward toward the $4 mark, despite a drop in the cost of crude. White says, "Crude oil prices in the U.S. commodities market retreated nearly nine-dollars a barrel this week after reaching a new record high just prior to the July 4th holiday where they were trading above $145 a barrel."

White says Iowa motorists are taking more long trips now that summer’s in full swing, though she notes travel for the Independence Day holiday was down nationwide.

White says self-service regular unleaded is averaging $3.97 in Iowa. A year ago, the statewide average was $3.16 a gallon. Diesel fuel in Iowa is averaging $4.67 a gallon. Nationwide, Alaska reports the highest gas prices at $4.63, while Missouri and South Carolina are tied for the lowest price at three-91. For more information on fuel prices, log on to the AAA website .

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Filed Under: Uncategorized Tagged With: Transportation

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