DES MOINES, Iowa—The price of crude oil dropped $1.05 this week, currently priced at $62.03 per barrel. Brent crude oil fell $1.28, currently priced at $70.36 per barrel.

Crude Oil Summary

• The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $1.05 per barrel over last week, currently priced at $62.03.
• Brent crude oil fell $1.28, and it is currently priced at $70.36.
• One year ago, WTI crude sold for $69.06 and Brent crude was at $74.16.

Motor Fuels

• As of Tuesday, May 7, the price of regular unleaded gasoline averaged $2.72 across Iowa according to AAA.
• This is $.02 lower than last week and $.01 higher than one year ago.
• The national average on Tuesday was $2.88, holding steady at last week’s price.
• Retail diesel fuel prices in Iowa were the same as last week’s price with a statewide average of $3.01.
• One year ago, diesel prices averaged $3.04 in Iowa.
• The current Iowa diesel price is $.09 less than the national average of $3.10.
• Wholesale ethanol prices were a penny higher than last week’s price, currently at $1.32.
• The current Des Moines Terminal/Rack Prices are $1.93 for U87-E10, $2.14 for Unleaded 87 (clear), ULSD#2 is at $2.11, ULSD#1 is at $2.46, and E-70 is priced at $1.59 per gallon.

Heating Fuels

• Natural Gas prices fell $.03 at the Henry Hub reporting site and currently priced at $2.60/MMbtu.
• Continuing throughout the summer months, we will only report retail heating oil and propane prices in Iowa once a month.

(contributed release, IDALS)