Area Gas and Heating Fuel Prices Continue to Fall

red white and blue gas pump showing the different grades of gasoline

The price of retail gasoline in Iowa dropped $.04 this week, closing at $1.97 per gallon. Gas prices throughout the area ranged anywhere from $1.87 in Mason City to $1.97 surrounding areas. The price of global crude oil rose this week on the West Texas Intermediate (WTI) by $1.23 per barrel over last week, currently priced at $46.20. Brent crude oil rose $2.06, and it is currently priced at $54.77. One year ago, WTI crude sold for $61.63 and Brent crude was at $67.85.

 Motor Fuels

As of Wednesday, January 2, the price of regular unleaded gasoline averaged $1.97 across Iowa according to AAA. This is $.04 lower than last week and $.44 lower than one year ago. The national average on Tuesday was $2.25, down $.05 from last week’s price.

Retail diesel fuel prices in Iowa were $.04 lower than last week’s price with a statewide average of $2.74. One year ago, diesel prices averaged $2.87 in Iowa. The current Iowa diesel price is $.24 less than the national average of $2.98.

Wholesale ethanol prices were $.02 higher than last week’s price, currently at $1.28.

The current Des Moines Terminal/Rack Prices are $1.33 for U87-E10, $1.45 for Unleaded 87 (clear), ULSD#2 is at $1.69, ULSD#1 is at $2.01, and E-70 is priced at $1.37 per gallon.

 Heating Fuels

Propane prices were the same as last week for a statewide average of $1.33 per gallon. Home heating oil was down $.09 from last week’s figures, ending with a statewide average of $2.14. Natural Gas prices fell $.53 at the Henry Hub reporting site and currently priced at $2.91/MMbtu.