(Radio Iowa) – Gasoline prices aren’t falling in Iowa, at least not yet, though with a two-week cease-fire between the U-S and Iran reached on Tuesday, crude oil prices began to drop this (Wednesday) morning. Brian Ortner, at Triple-A Iowa, says crude oil is the largest component in how gasoline is refined.
“Seeing a drop like that, getting back below that $100 per barrel is a great sign,” Ortner says. “Hopefully, consumers will be seeing that change or that adjustment at the pumps over the coming days.” The Strait of Hormuz is being reopened, which should relieve growing international pressure on shipments of crude oil, though Ortner says there won’t be an immediate drop in prices at the pumps in Iowa.
“It’s $3.64 today across the state of Iowa, and yesterday we were at $3.48, so almost 20-cents more than we were yesterday,” Ortner says. “From a month ago, we were at $3.15, so we’ve seen about a 50% increase across the state in the last month.”
While Iowa’s average pump prices are high compared to recent weeks and months, they’re still a long way from breaking any records. Triple-A says Iowa’s highest-ever gas average is $4.76, which we hit in June of 2022.
