Good Supplies Keep Gas Prices Declining
Date posted - July 29, 2016
Northwest Iowa — This has been the summer of cheaper travel, with gasoline, diesel, and ethanol prices continuing to fall. Gasoline prices in Sheldon have dropped a dime a gallon as the last week of July comes to a close.
Iowa Department of Agriculture analyst Harold Hommes says supply continues to favor drivers, particularly when it come to gasoline.
While the supply has kept prices low for consumers, he says the summer driving season and increased demand with summer driving has helped producers.
Retail gasoline prices, and diesel prices dropped during the past week, and wholesale ethanol also saw a two-cent drop.
He says he doesn’t expect the price of gas to move up much for at least another month, and then some factors such as the end of the summer driving season will slow demand.
Hommes says that cheaper blend impacts the cost you pay at the pump.
He says the lower fuel prices are something that’s been seen across the country this summer.
The average price of a gallon of unleaded across the state in the most recent survey was two dollars, 14 cents. That’s 60 cents cheaper than at this time last year. Many areas have dropped below the two-dollar-a-gallon mark. In Sheldon, as of this morning (Friday, July 29th), pump prices were at $1.99 per gallon.