Crude oil prices fall, so do pump prices
Crude oil prices have dropped below $100 a barrel and that has been reflected at the gas pumps, according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
Average retail gasoline prices in Iowa have fallen 11.1 cents per gallon in the past week, averaging $3.16 per gallon Oct. 27, according to GasBuddy’s daily survey of 2,036 outlets in Iowa.
Including the change in gas prices in Iowa during the past week, prices yesterday were 22.2 cents per gallon lower than the same day one year ago and 19.6 cents per gallon lower than a month ago.
“Last week saw new downward momentum in crude prices. After staying above $100 per barrel for 111 days since early July, crude prices fell below $100 and just days ago closed as low as $96 per barrel,” DeHaan said. “In turn, the sudden drops in crude prices have pushed gasoline futures down as well, with motorists on the winning side of this all.
“The national average has picked up some steam on its downward trend and in some areas of the U.S., the wholesale price of gasoline is nearing yearly lows, which is adding up to significant savings for motorists,” DeHaan continued. “Americans are averaging over $100 million per day less on gasoline than they did a year ago.”
The national average fell 5.9 cents per gallon last week to $3.30 per gallon, according to GasBuddy.