Iowa motorists may be rethinking any planned autumn road trips after gasoline prices took another jump this week, while diesel prices have again hit a record high.
AAA-Iowa reports the current statewide average is $4.40 for a gallon of gas, a bounce of 35-cents since last Friday, while diesel is now averaging $6.19 a gallon, the highest-ever price in Iowa.
Motor club spokesman Brian Ortner says there are a couple of key factors that are influencing the rapid rise in pump prices.
“The conflict in the Middle East and the reduction in supply because of the lack of transport for the Strait of Hormuz definitely has an impact on the global supply of crude oil,” Ortner says. “Crude oil makes up more than 50% of the cost of fuel you see at the pump, and we’re seeing those crude oil prices now trading on the market at over $100 per barrel.”
Ortner understands the swift, significant rise in gas prices is upsetting for many drivers, as those costs traditionally start dropping in September.
“We’re moving towards the fall and winter months when refineries are changing their production from that summer blend to winter blend, demand goes down because school’s back in, not as many vacations,” Ortner says. “Trendwise, you typically see this time of year where prices do start to decline a little bit.”
In some parts of Iowa, prices rose 25-cents a gallon — or more — overnight on Wednesday.
While the state’s current average gas price is $4.40, it was $2.99 a year ago on this date. The average diesel price of $6.19 is up from $3.53 a year ago. Triple-A says Iowa’s gas prices are the highest in Dubuque and the lowest in Davenport.
(Reporting by Pat Powers, KQWC, Webster City)