The slowing economy has produced some good news – lower gas prices. Tommi Makila , with the Iowa Department of Natural Resources, says his agency’s latest survey places the average price of 10% ethanol blended gas in the state at $2.74 a gallon.
The retail price of gasoline fell 24-percent in one month, from the average of $3.62 a gallon in September. The DNR report shows the highest average price right now is in Dubuque, at $2.91 a gallon. Des Moines has the cheapest price for gas among the state’s metro areas at $2.63. Makila says, overall, Iowa has some of the lowest gas prices in the country.
"Compared to some other parts of the country, we haven’t had the supply issues and disruptions…so the tighter supplies in some areas has made the national average go higher," Makila said. Natural gas prices have dropped rather dramatically over the last month as well. However, Iowa home owners may not notice those savings for several months.
Makila says most Iowa utility companies bought much of the natural gas for this winter heating season several months ago when prices were much higher than they are now. "Some of those higher prices are going to be reflected in the (heating) bills this year, but overall, this is very good news," Makila said. Roughly 67% of Iowa households use natural gas to heat their homes.