Crude Oil Up for the Second Week: Motor Fuels and Home Heating Fuels Follow in Step.
Crude Oil Summary
October 19, 2011 (Des Moines, Iowa) – Global crude oil prices rose again for the second week in a row with West Texas Intermediate (WTI) rising $2.53 per barrel to close at $88.34.
Brent crude oil rose to $112.08 per barrel on Tuesday’s close, up $2.86 from the previous week.
Motor Fuels
As of Tuesday, October 18, the price of regular unleaded gasoline averaged $3.44 across Iowa according to AAA. This is up $.07 as compared to last week. Iowa’s seven cent rise was in line with the six cent increase for the nation as a whole. The national average on Tuesday was $3.47 putting Iowa just under the nationwide average. Similar to crude prices, this is now the second consecutive week that retail fuels have increased.
Retail diesel fuel prices in Iowa also rose $.07 to on the Tuesday report with a statewide average of $3.75. This is however, $.09 per gallon below the national average of $3.84.
Heating Fuels
Heating fuels were modestly higher for the week with propane rising an average of $.02 week over week with a statewide average of $1.92 per gallon. Home heating oil rose $.12 cents since last week’s report ending with a statewide average of $3.44 per gallon. Natural Gas prices in Iowa also rose by $.08 for the week ending at $3.61 / MMbtu.
Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov. Weekly and monthly fuel reports will soon be available on the Departments website at www.iowaagriculture.gov.
