DES MOINES – The Iowa average retail gasoline price dropped $.18 this week, closing at $3.50. The U.S. average retail gasoline price closed at $3.63, thirteen cents lower than the previous week. West Texas Intermediate crude oil closed $5.42 per barrel lower, ending at $86.67, while Brent crude oil fell $7.47, closing at $107.53 per barrel.
Crude Oil Summary
The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $5.42 per barrel over last week, closing at $86.67.
Brent crude oil also fell in price this week, finishing at $107.53 per barrel on Tuesday’s close, down $7.47 from the previous week.
One year ago WTI crude sold for $93.00 and Brent crude was at $111.67.
Motor Fuels
As of Tuesday, October 23rd, the price of regular unleaded gasoline averaged $3.50 across Iowa according to AAA. This is $.18 lower than last week and up $.06 from one year ago. The national average on Tuesday was $3.63, down $.13 from last week’s price.
Retail diesel fuel prices in Iowa fell $.08 on the Tuesday report with a statewide average of $4.13. One year ago diesel prices averaged $3.77 in Iowa. The current Iowa diesel average is $.02 per gallon higher than the national average of $4.11.
Wholesale ethanol prices rose this week by $.03, closing at $2.41. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.41 per gallon, down $.18 from last week’s price and up $.06 from one year ago.
Heating Fuels
Propane prices rose a penny from last week’s figures with a statewide average of $1.38 per gallon. Home heating oil fell $.07 from last week’s figures, ending with a statewide average of $3.80 per gallon. Natural Gas prices in Iowa rose $.11 from last week’s report, ending the week at $3.35 / MMbtu.
