• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Business / Gas prices staying stable with big supplies available

Gas prices staying stable with big supplies available

January 23, 2017 By Dar Danielson

Gasoline prices have remained relatively stable in the last couple of months. Iowa Department of Agriculture fuels analyst Harold Hommes, says there haven’t been any surprises in the market other than the recent report on inventories.

“It was a big surprise actually, inventories of both refined gasoline and crude. Both of which were expected to show some declines, but it looks like production of crude is up and those refineries are running at 92-93 percent are kicking out gasoline at levels that are increasing inventories,” Hommes says.

He says that’s good news as it keeps the price down for motorists, but it’s not such good news for those who sell the product. “That’s a challenge the industry’s got to deal with — so we may see some softening of gas prices in the next week or two,” Hommes says.

The most recent survey showed the average price of a gallon of unleaded gas in Iowa was $2.36. That was the same as the week before. Hommes says the continuing supply glut will continue to benefit drivers at the pump.

He says the long term reaction to the supplies should make things flat, or there could be some slightly falling prices. Hommes says he expects to see some stronger crude oil prices in the long term which would bump prices up by the summer driving season. Gas prices bumped up 10 to 15 cents a couple of weeks ago, in a move that Hommes says was likely an attempt by retailers to make some more profit as last year in late January and February the gas prices softened

“This time there were some pressures on those values, and most recently they’ve put that added dime on there — 15 cents — to try and recover some of those margins,” Hommes says. The price last week was 52 cents higher than one year ago. The national average gas price was $2.34 cents, two cents below Iowa’s average.

Share this:

  • Facebook
  • Twitter

Filed Under: Business, News Tagged With: Transportation

Featured Stories

Iowa State Patrol tactical team leader killed in Grundy Center stand-off

Finalists chosen for the state’s top burger

Paintings by Clinton woman gain a following in Europe

Iowa deadline for individual income taxpayers moved to June 1

Dialing rules changing for two area codes in Iowa

TwitterFacebook
Tweets by RadioIowa

New title sponsor for Des Moines Marathon

Iowa State adds Minnesota transfer

Cedar Rapids preparing for big return of sports events

Iowa Games returning with full slate of sports

Iowa’s Garza sweeps national awards

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC