Des Moines, Iowa – Spurred by global economic concerns, market crude oil prices are trading lower again today. In mid-day trading, July delivery of light, sweet crude, also called West Texas Intermediate, was down at $93.52 a barrel, which is below yesterday’s close of $95.13 and last month’s reporting price of $97 a barrel.
The downturn for crude oil has translated into price relief at the pump for Iowa consumers. Prices are expected to remain below earlier forecasts for the summer driving season (April 1 through September 30) by the U.S. Energy Information Administration (EIA). However, weaker oil demand amid a sluggish U.S. economic recovery, could keep pressure on prices.
Iowa’s current average price for regular unleaded gasoline is $3.65, two cents below the national average of $3.67 a gallon and 27 cents lower than last month’s national average price of $3.92, according to the AAA and the Oil Price Information Service.
According to the EIA, gasoline prices have been falling in recent weeks. Still, EIA forecasts the national regular-grade motor gasoline retail price will average $3.75 per gallon during this summer’s driving season, up from $2.76 per gallon last summer, but 6 cents per gallon lower than last month’s EIA Short Term Energy Outlook. Iowa’s average gas prices traditionally trend a few cents lower than the national average.
Motor Fuels
Monthly reporting shows the average price of 10 percent, ethanol blended mid-grade gasoline in Iowa to be $3.57 per gallon as of June 16, 2011, which is down 7.15 percent from last month’s price of $3.86. The average price of diesel on June 16th was $3.89 per gallon, which is a 3.95 percent decrease from the May price of $4.05 a gallon. For Iowa metro averages, please visit: http://www.energy.iowa.gov/Newsroom/fuel_price.html.|
