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Gas Prices Remain Below Summer Forecast

For more information contact:

Don Tormey, (515) 725-0428,

don.tormey@iowa.gov

 

Kanan Kappleman, (515) 725-3154,

communications@iowaeda.com

 

Gas Prices Remain Below Summer Forecast

 

June 17, 2011 (Des Moines, Iowa) – Spurred by global economic concerns, market crude oil prices are trading lower again today. In mid-day trading, July delivery of light, sweet crude, also called West Texas Intermediate, was down at $93.52 a barrel, which is below yesterday’s close of $95.13 and last month’s reporting price of $97 a barrel.

The downturn for crude oil has translated into price relief at the pump for Iowa consumers. Prices are expected to remain below earlier forecasts for the summer driving season (April 1 through September 30) by the U.S. Energy Information Administration (EIA). However, weaker oil demand amid a sluggish U.S. economic recovery, could keep pressure on prices.  

Iowa’s current average price for regular unleaded gasoline is $3.65, two cents below the national average of $3.67 a gallon and 27 cents lower than last month’s national average price of $3.92, according to the AAA and the Oil Price Information Service. 

According to the EIA, gasoline prices have been falling in recent weeks. Still, EIA forecasts the national regular-grade motor gasoline retail price will average $3.75 per gallon during this summer's driving season, up from $2.76 per gallon last summer, but 6 cents per gallon lower than last month's EIA Short Term Energy Outlook. Iowa’s average gas prices traditionally trend a few cents lower than the national average.

Motor Fuels
Monthly reporting shows the average price of 10 percent, ethanol blended mid-grade gasoline in Iowa to be $3.57 per gallon as of June 16, 2011, which is down 7.15 percent from last month’s price of $3.86. The average price of diesel on June 16th was $3.89 per gallon, which is a 3.95 percent decrease from the May price of $4.05 a gallon. For Iowa metro averages, please visit: http://www.energy.iowa.gov/Newsroom/fuel_price.html.

Self-Serve

6/16/2011

5/16/2011

Change

Regular Unleaded with 10% Ethanol

$3.57

$3.86

-$0.29

Regular Unleaded

$3.65

$3.94

-$0.29

Premium Unleaded

$3.79

$4.09

-$0.30

E-85

$2.93

$2.94

-$0.01

Diesel

$3.89

$4.05

-$0.16

Source: Oil Price Information Service, www.opisnet.com

 

 

 

Crude Oil
On June 15th, a barrel of West Texas Cushing Sweet Crude Oil closed at $94.81, which is a 4.83 percent decrease compared to the previous month’s price of $99.62 and still drastically up 26.2 percent from last year’s price of $75.12.

Heating Fuels
On June 15th, natural gas closed at $4.72/MMbtu, up 11.2 percent from last month’s price of $4.25/MMbtu and down 4.93 percent from June 2010 price of $4.97/MMbtu.  The EIA reports that working gas in storage was 2,256 Bcf as of Friday, June 10, 2011. This represents a decline of 11.3 percent from a year ago and a 8.89 percent decline from the 5-year average.

Tips for saving energy on the road or at home are available at www.energysavers.gov and www.fueleconomy.gov. To review weekly and monthly fuel price reports, please visit: www.energy.iowa.gov/Newsroom/fuel_price.html.

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