Statewide Iowa (RI) — Gasoline prices aren’t falling in Iowa, at least not yet, though with a two-week cease-fire between the U.S. and Iran reached on Tuesday, crude oil prices began to drop this morning.
Brian Ortner at AAA Iowa says crude oil is the largest component in how gasoline is refined.
The Strait of Hormuz is being reopened, which should relieve growing international pressure on shipments of crude oil, though Ortner says there won’t be an immediate drop in prices at the pumps in Iowa.
While Iowa’s average pump prices are high compared to recent weeks and months, they’re still a long way from breaking any records. AAA says Iowa’s highest-ever gas average was $4.76, which was hit in June of 2022.
KIWA Staff Photo
