Gas prices jumped overnight but it has nothing to do with politics, says motor club

News

November 7th, 2012 by Ric Hanson

Gasoline prices in some Iowa cities took a big leap last night (Tuesday), in some areas bounding more than a dime a gallon shortly after the polls closed at 9 o’clock. Gail Weinholzer, spokeswoman for Triple-A-Iowa, maintains gas prices have nothing to do with politics and she says Iowa’s overall average has dropped a long ways in the past month. “We’ve seen prices decline from just under four-dollars a gallon to just over three-dollars a gallon,” Weinholzer says. “In many places, they’re seeing relief anywhere from 60 to 80 cents, which is rather significant.”

Iowa’s average price for gas is three-32 a gallon, that’s fallen from three-38 a week ago and down from three-75 a month ago. She says there are essentially three reasons pump prices have been in a free-fall. “We finished the switch-over from the summer to the winter-grade fuel and as a result, prices declined,” Weinholzer says. “Secondly, crude oil is selling significantly below $100 a barrel, which is where it was at in August. Third, we’re past the summer driving season and as a result, demand has slackened off quite a bit.”

Despite the overnight bounce — like in Des Moines, where prices rose 12 to 14 cents a gallon in one swoop — she says gas prices should continue falling in Iowa for another few weeks. “We continue to see a decline and will until Thanksgiving,” Weinholzer says. “We’ll probably plateau around that time and then perhaps drop again a bit before we get to the holiday season.”

Iowa’s current statewide average price for self-serve unleaded is three-32, that’s 14-cents below the national average.

(Radio Iowa)