Gas Prices Drop Across Iowa for Second Straight Week

The price of WTI crude fell by $2.19 this week, closing on Tuesday at $99.96 / barrel.  This marks the first time in more than two months since crude has dipped below the $100 per barrel level.

Crude Oil Summary
The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $2.19 per barrel over last week closing at $99.96 on Tuesday, July 15.

Brent crude oil fell $2.28 for the week ending at $106.02.

One year ago WTI crude sold for $106.00 and Brent crude was at $109.29.

Motor Fuels
As of Tuesday, July 15th, the price of regular unleaded gasoline averaged $3.53 across Iowa according to AAA.  This is down $.02 from last week and up $.10 from one year ago.  The national average on Tuesday was $3.61, down $.04 from last week’s price.

Retail diesel fuel prices in Iowa were down two cents on the Tuesday report with a statewide average of $3.73.   One year ago diesel prices also averaged $3.73 in Iowa.   The current Iowa diesel average is $.15 per gallon lower than the national average of $3.88.

Wholesale ethanol prices fell $.04 this week, closing at $2.10. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.45 per gallon, down $.04 from last week’s price yet remains $0.16 higher than one year ago.

Heating Fuels
Natural Gas prices were down $.10 from last week’s report, ending the week at $4.10 / MMbtu.