Analyst says gas prices may have plateaued
Average retail gasoline prices in Iowa fell 1.3 cents per gallon in the week ending July 28, according to GasBuddy’s daily survey of over 2,000 gas outlets in Iowa. The average retail gasoline price in Iowa was $3.61 per gallon on July 28.
Including the change in gas prices in Iowa during the past week, prices July 28 were 14.7 cents per gallon higher than the same day one year ago and 15.8 cents per gallon higher than a month ago.
“After an impressive run that saw the national average begin to approach its springtime high, it appears prices have plateaued — at least for now,” said GasBuddy.com Senior Petroleum Analyst Patrick Duffy.
“Oil prices appear to be taking a breather, but with the peak hurricane season approaching, a continued upward trajectory in gasoline prices is certainly possible, should we see a major storm take aim at the Gulf,” Duffy continued. “Crude inventories have also declined four consecutive weeks and large decreases in crude inventories in the near future may be cause for rising oil prices as well.”
The national average fell 2.7 cents per gallon in the last week to $3.65 per gallon on July 28. Over the past month, the national average has increased 14 cents per gallon and stands 15 cents per gallon higher than one year ago.