Gasoline pump prices continue their slow drop, fall by two cents
Average retail gasoline prices in Iowa have fallen 2 cents per gallon in the past week, averaging $3.27 per gallon yesterday (Oct. 20), according to GasBuddy’s 2,036 gas outlets in Iowa.
“As the cooler temperatures continue to invade the U.S., gasoline prices continue to cool off as well, with the national average declining for yet another week,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“Oil prices were within an arms reach of dropping under $100 per barrel last week, but haven’t yet crossed that line. Meanwhile, gasoline prices have slowed their descent, with the national average moving just slightly lower over the last seven days,” DeHaan continued. “The cities that had seen average gasoline prices under $3 per gallon have dried up, yet 18 states still have at least one station selling gasoline under that level. The bad news? Oil and gasoline futures may be more volatile this week as the federal shutdown is over, and the U.S. Energy Information Administration releases data about supply and demand for the last two weeks. Should that data be surprising, it may have an impact on the direction of gasoline prices in the days ahead.”
With last week’s slight decline in gas prices, the pump price in Iowa yesterday was 26.9 cents per gallon lower than the same day one year ago and 20.3 cents per gallon lower than a month ago. The national average, which fell 0.8 cents last week to $3.36 per gallon, has decreased 13.7 cents per gallon during the past month and is 31.2 cents per gallon lower than this day one year ago.