In a recent report by AAA, it has been revealed that gas prices fell across various categories, indicating a significant trend in the market.
The price of regular unleaded gasoline experienced a gas prices fell of 5 cents in Iowa, reaching an average of $2.82 per gallon
This figure is particularly noteworthy as it stands nine cents lower than the prices recorded a year ago. On a national scale, the average price on Wednesday was $3.12, reflecting a 10-cent decrease compared to the previous week.
The decline in gas prices is attributed to a parallel drop in the global crude oil market. West Texas Intermediate (WTI) saw a decrease of $.52 per barrel, settling at $69.65, while Brent crude oil fell by $.91, reaching a current price of $74.30. Contrasting with prices from a year ago, WTI crude was selling at $75.39, and Brent crude was at $80.14.
Iowa also witnessed a significant drop in retail diesel prices, with a 12-cent reduction, bringing the statewide average to $3.85. In comparison to last year’s average of $4.51 in Iowa, this marks a substantial decrease. The current Iowa diesel price is notably 23 cents lower than the national average of $4.08.
Other fuel-related commodities experienced fluctuations as well
Wholesale ethanol prices remained stable at $2.16, while propane gas prices fell by 1 cent, reaching a statewide average of $1.55 per gallon. Home heating oil prices experienced a more substantial decrease of 19 cents, with a statewide average of $3.13 per gallon. Furthermore, natural gas prices fell by 33 cents at the Henry Hub reporting site, currently priced at $2.34/MMbtu.
In summary, the report underscores the pervasive trend of falling gas prices across multiple fuel categories, providing relief to consumers and potentially impacting various sectors of the economy.