Iowa retail gasoline prices going upward
Average retail gasoline prices in Iowa have risen 11.8 cents per gallon in the past week, averaging $3.55 per gallon yesterday (July 14), according to GasBuddy’s daily survey of over 2,000 gas outlets in Iowa.
With last week’s increase, gas prices in the state are 15.2 cents higher than on the same date one year ago but 10.2 cents lower than a month ago.
“Nationally, gas prices have begun moving upward yet again,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. “I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well.
“The market is seemingly quite sensitive to the situation in Egypt as the energy information administration has reported two consecutive weeks of large declines in crude oil inventories,” DeHaan continued. “There is a concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside.”
Nationally, the average price increased the past week to $3.62 per gallon, a 0.4 cent per gallon increase in the past month and 19.5 cents higher than this day one year ago.