DES MOINES, Iowa—The Iowa Department of Agriculture and Land Stewardship is responsible for tracking energy related prices in Iowa.  This week, the report notes a drop in crude oil prices.  The price of crude oil on the West Texas Intermediate dropped $6.14, closing at $51.70 per barrel. Brent crude oil dropped $7.60, closing at $57.04 per barrel.

Crude Oil Summary

• The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $6.14 per barrel over last week, currently priced at $51.70.
• Brent crude oil fell $7.60, and is currently priced at $57.04.
• One year ago, WTI crude sold for $69.17 and Brent crude was at $72.31.

Motor Fuels

• As of Tuesday, August 6, the price of regular unleaded gasoline averaged $2.55 across Iowa according to AAA.
  • This is $.01 lower than last week and $.18 lower than one year ago.
  • The national average on Tuesday was $2.69, $.04 lower than last week’s price.
• Retail diesel prices in Iowa were $.01 lower than last week’s price with a statewide average of $2.85.
  • One year ago, diesel prices averaged $3.08 in Iowa.
  • The current Iowa diesel price is $.13 less than the national average of $2.98.
• Wholesale ethanol prices fell $.06 from last week’s price, currently at $1.42.
• The current Des Moines Terminal/Rack Prices are $1.68 for U87-E10, $1.92 for Unleaded 87 (clear), ULSD#2 is at $1.86, ULSD#1 is at $2.14, and E-70 is priced at $1.58 per gallon.

Heating Fuels

• Natural Gas prices fell $.01 at the Henry Hub reporting site and currently priced at $2.12/MMbtu.
• Continuing throughout the summer months, we will only report retail-heating oil and propane prices in Iowa once a month.

(contributed press release)