Retail gasoline prices rose 34.2 cents/gallon in Iowa last week
Average retail gas prices in Iowa skyrocketed last week, rising 34.2 cents per gallon from May 12-19, according to GasBuddy’s daily survey of 2,036 gas outlets in the state. Pump prices exceeded the $4 mark, averaging $4.01 per gallon Sunday.
Including last week’s increase, retail prices in Iowa May 19 were 52.9 cents per gallon higher than the same day one year ago and 60.5 cents per gallon higher than a month ago.
It appears the Midwest received the brunt of last week’s increase as the national average increased just 8.9 cents per gallon in the last week to $3.67 per gallon.
“The last seven days have delivered some shocks at the pump for motorists in the Midwest,” said Patrick DeHaan, senior petroleum analyst with GasBuddy.com. “I don’t believe I’ve ever seen gasoline prices in the Midwest surpass California, but areas of Iowa, Nebraska, Minnesota, Oklahoma, Kansas North and South Dakota have done that. Gas price records in these areas aren’t being quietly replaced, they’re being blown out of the water. I don’t believe I’ve ever seen such crazy trends in gasoline prices occur all at once — prices spiking in one area, falling in another and holding steady in others. What we’re seeing today is certainly rare.”
The national average has increased 16.6 cents per gallon during the last month and is 3 cents per gallon lower than this day one year ago.