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You are here: Home / News / Crude oil prices go down, gas prices go up

Crude oil prices go down, gas prices go up

September 17, 2008 By admin

Iowa motorists are feeling the impact of Gulf Coast hurricanes at the gas pump. The Iowa Department of Natural Resources’ September 16th survey shows the average price of 10% ethanol blended gasoline at $3.62 a gallon – up 8-cents from the August survey.

D.N.R. Energy Policy Analyst Tommi Makila says, despite the storms, crude oil prices have been dropping. “This is a fairly unusual situation,” Makila said. “Crude oil prices are going down but gas prices are going up.” He expects gas prices to dip back down once refineries are back on-line. Iowa’s $3.62 per gallon average is a around 20-cents cheaper than the national average.

“Most states do have prices higher than Iowa…we are fairly lucky compared to most other states,” Makila said. The average price for a gallon of gas fluctuates by 22-cents in Iowa’s 11 metro markets. Webster City has the lowest price at $3.56 while Dubuque has the most expensive gas at $3.78.

Makila blames the wide range of Iowa pump prices on supply and demand. “And then on the very local level, the difference in the convenience store market place – how competitive it is – that can also have a real impact on the prices,” Makila said. There is a bit of good news in the Iowa D.N.R. report – diesel prices dropped 23-cents from the August survey to a statewide average of $4.00 a gallon.

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Filed Under: News Tagged With: Department of Natural Resources, Transportation

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