Fall arrives next week and gasoline prices are falling in Iowa. Gail Weinholzer, at Triple-A Iowa, says the average price for a gallon of self-service unleaded gas is now $3.27, that’s down a nickel a gallon from last week and down about a dime in the past month.
“Demand is dropping off now that all the kids have headed back to school,” Weinholzer says. “Our refineries are meeting demand and as a result, we have ample supply. We also have not had a significant hurricane in the Gulf Coast region to upset crude oil supply there either.”
If all continues to go smoothly, she says prices may drop another ten to 20 cents by the end of October, with a couple of variables. “When we start the switch-over from the summer- to the winter-grade fuel, supplies will tighten up just a little bit, so we could see a very short-term bump in prices,” Weinholzer says. “Again, that will be very limited. Secondly, hurricane season isn’t quite over yet in the Atlantic and Gulf Coast regions.”
Iowa’s current average gas price is 12-cents below the national average. Iowa’s most expensive gas in a metro area is in Des Moines at $3.25 while the cheapest gas is in Sioux City at $3.15.
(Reporting by Pat Powers, KQWC, Webster City)