Gas prices continue to remain steady across the state of Iowa. Department of Agriculture fuels analyst, Harold Hommes, says there’s not been a lot happening to cause a change.
“Gasoline is trying to set a pattern and determine which was it’s going to go. It kinda I think in the short term it’s topped out just a bit. We’ve seen increasing values on crude (oil) marching up there to that $51 level, then backing off just a little,” Hommes says. “On the gasoline side and distillates really — diesel — we really still have ample supplies.”
Gas prices are averaging 25 cents less a gallon compared to last year at this time, and diesel fuel is down around nine cents.
“We are sitting on a lot of inventory of gas and diesel, so we’ll see which way the market wants to move. But right now gasoline prices are kind of soft at the wholesale level,” according to Hommes. The E-15 blended fuel is again being sold in some locations in the state and that is also part of the mix when it comes to gas pricing.
“And you’re going to find that E-15 typically is going to run five to ten cents below the baseline E-10,” Homes says, “that little bit extra ethanol in there gives us a little cheaper fuel Right now ethanol, that market is clearly pretty soft. So again, it’s tending to pull down the overall gallon of fuel.” Hommes says you shouldn’t see much change at the pumps for now.
“Consumers are going to have a lot of choices here. And I think overall this fall they are going to see some pretty favorable prices at the pump, fall and early winter,” Hommes says.
The last survey of regular unleaded gasoline by AAA-Iowa showed a statewide average of $2.20 a gallon in Iowa. Diesel fuel prices in Iowa were up two cents from last week with a statewide average of $2.44 a gallon. One year ago diesel prices averaged $2.53 a gallon in Iowa.