DES MOINES – Global Crude oil fell sharply on the West Texas Intermediate, down $9.15 per barrel, closing at $97.01. Brent crude oil followed the trend, dropping $9.09 per barrel closing at $110.48. Regular unleaded gasoline in Iowa fell $.04 to close at $3.57. A summary of the report follows, the full report is attached:
Crude Oil Summary
The price of global crude oil fell sharply this week on the West Texas Intermediate (WTI) by $9.15 per barrel over last week, closing at $97.01.
Brent crude oil also dropped in price this week, finishing at $110.48 per barrel on Tuesday’s close, down $9.09 from the previous week.
One year ago WTI crude sold for $103.88 and Brent crude was at $113.21.
Motor Fuels
As of Tuesday, May 8th, the price of regular unleaded gasoline averaged $3.57 across Iowa according to AAA. This is down $.04 as compared to last week and down $.36 from one year ago. The national average on Tuesday was $3.75, down $.05 from last week’s price.
Retail diesel fuel prices in Iowa were down $.02 on the Tuesday report with a statewide average of $3.94. One year ago diesel prices averaged $4.09 in Iowa. The current Iowa diesel average is $.13 per gallon lower than the national average of $4.07.
Wholesale ethanol prices held steady this week, closing at $2.21. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.48 per gallon, down $.05 from last week’s price and down $.23 from one year ago.
Heating Fuels
Natural Gas prices in Iowa fell $.02 from last week’s report, ending the week at $2.27
