Northwest Iowa — Have you noticed that your wallet is a little less empty after filling your vehicle’s gas tank lately? Gas prices have been falling in recent weeks, and further price declines are predicted.
The Federal Energy Information Administration predicts that gas prices will drop a total of twenty three percent throughout the year 2015.
Here in northwest Iowa, within just the last month or so, prices for unleaded ethanol have dropped approximately 30 to 35 cents per gallon, ranging from a 35-cent per gallon decline in Sibley to 30-cent per gallon declines in Sheldon, Sanborn, Rock Rapids and Orange City. Current prices range from a low of $2.09 in Rock Rapids to $2.26 in Sibley to $2.29 in Sheldon, Sanborn, and Orange City.
Government forecasters say the reasons for the decline include increased supply of domestic oil production, along with new drilling in the Gulf of Mexico. They say that the increased U.S. oil supply, along with an expected drop in world oil consumption, will most likely continue to push prices lower. In addition, toward the end of last year, OPEC, the Organization of Petroleum Exporting countries, decided not to manipulate prices by restricting oil production.
Meanwhile, here in northwest Iowa, we’ll fill our vehicles, and smile all the way to the bank with the money left over.