DES MOINES – Iowa average unleaded retail gasoline price rose $.12 this week, closing at $3.59 per gallon. The U.S. average unleaded retail gasoline price rose $.13 to close at $3.65 per gallon. Cushing Crude oil climbed $5.61 per barrel to close at $93.67 while Brent crude oil spiked $6.46, to close at $112.39.
Crude Oil Summary
The price of global crude oil rose this week on the West Texas Intermediate (WTI) by $5.61 per barrel over last week, closing at $93.67.
Brent crude oil also rose in price this week, finishing at $112.39 per barrel on Tuesday’s close, up $6.46 from the previous week.
One year ago WTI crude sold for $79.30 and Brent crude was at $103.06.
Motor Fuels
As of Tuesday, August 7th, the price of regular unleaded gasoline averaged $3.59 across Iowa according to AAA. This is $.12 higher as compared to last week and down $.02 from one year ago. The national average on Tuesday was $3.65, up $.13 from last week’s price.
Retail diesel fuel prices in Iowa were up $.08 on the Tuesday report with a statewide average of $3.82. One year ago diesel prices averaged $3.90 in Iowa. The current Iowa diesel average is $.02 per gallon lower than the national average of $3.84.
Wholesale ethanol prices fell this week by $.06, closing at $2.57. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.51 per gallon, up $.12 from last week’s price and down $.02 from one year ago.
Heating Fuels
Natural Gas prices in Iowa fell $.23 from last week’s report, ending the week at $2.99 / MMbtu.
