BOONE, Iowa—Labor Day is quickly approaching and gas prices for the holiday weekend are lining up to be the lowest in 2-3 years. However, there are still a number of factors that could push prices higher before the holiday.
Today, the average price for gasoline in the U.S. is $2.57 per gallon. Drivers are currently paying a nearly a quarter less than they did on Labor Day 2018, $2.83 and four cents less than on Labor Day 2017 (2.63).
“Labor Day travelers will benefit from lower oil prices this year as they fill up for their holiday road trip,” said Mark Peterson, spokesman, AAA – The Auto Club Group. “Strong US oil production rates are holding oil prices about 15% below last year’s levels, effectively reducing the price of producing gasoline. Gas prices should remain low heading into the holiday, unless something unexpected threatens fuel supplies.”
In Iowa, the Iowa Department of Agriculture and Land Stewardship tracks fuel prices. This week’s report shows a slight reduction in retail gasoline. The price of retail gasoline in Iowa was down $.04 cents this week, closing at $2.43 per gallon.
Crude Oil Summary
- The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $.04 per barrel over last week, currently priced at $55.93.
- Brent crude oil rose $.06, and it is currently priced at $60.59.
- One year ago, WTI crude sold for $68.53 and Brent crude was at $75.91.
Motor Fuels
- As of Tuesday, August 27, the price of regular unleaded gasoline averaged $2.43 across Iowa according to AAA.
- This is $.04 lower than last week and $.29 lower than one year ago.
- The national average on Tuesday was $2.58, $.02 lower than last week’s price.
- Retail diesel prices in Iowa were $.02 lower than last week’s price with a statewide average of $2.78.
- One year ago, diesel prices averaged $3.08 in Iowa.
- The current Iowa diesel price is $.15 less than the national average of $2.93.
- Wholesale ethanol prices fell $.02 from last week’s price, currently at $1.33.
- The current Des Moines Terminal/Rack Prices are $1.66 for U87-E10, $1.83 for Unleaded 87 (clear), ULSD#2 is at $1.85, ULSD#1 is at $2.14, and E-70 is priced at $1.51 per gallon.
Heating Fuels
- Propane prices were down $.01 from last month for a statewide average of $1.11 per gallon. Home heating oil was down 6 cents from last month, ending with a statewide average of $2.26 per gallon. Natural Gas prices rose $.09 at the Henry Hub reporting site and currently priced at $2.26/MMbtu.
- Continuing throughout the summer months, we will only report retail-heating oil and propane prices in Iowa once a month.
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