A report from the Iowa Office of Energy Independence says gas prices rose at the end of April, but have since stabilized. Spokesman Don Tormey says there could be a bump up in prices in the coming weeks if history is a guide.
Tormey says prices normally do go up this time of year as summer driving picks up and demand increases. He says refineries also start producing summer grade fuel, which is more expensive to make. The average price of a gallon of unleaded ethanol was $2.73 a gallon in the latest state survey.
Tormey says that’s 25% higher than it was last year at this time, as economic conditions also are impacting fuel prices. He says oil prices have echoed movement in the stock market, and the European economic problems have caused a drag on the projections for a global economic recovery and the stock market — which he says have combined to impact fuel costs.
Tormey says they don’t expect any major jumps in price. The explosion of the oil rig in the gulf has raised environmental concerns, but Tormey says it isn’t playing a role in Iowa’s gas prices. He says it will impact the economy on the gulf coast, but he says it has not impacted the fuel supplies or prices here.
To see the statewide averages for gas, visit the website: www.energy.iowa.com.