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For Immediate Release
Thursday, July 5, 2012

Harold Hommes, (515) 282-6237
Harold.Hommes@IowaAgriculture.gov
Dustin Vande Hoef, 515-281-3375
Dustin.VandeHoef@IowaAgriculture.gov
 
 

 

CRUDE OIL PRICES UP SHARPLY

DES MOINES – Crude oil prices rebounded from last week’s drop in price.  The West Texas Intermediate increased $8.30 per barrel, closing at $87.66 and Brent crude oil spiked $9.70, closing at $99.89.

Crude Oil Summary
The price of global crude oil showed a significant increase this week on the West Texas Intermediate (WTI) rising $8.30 per barrel over last week, closing at $87.66. 

Brent crude oil also recorded a spike in price this week, finishing at $99.89 per barrel on Tuesday’s close, up $9.70 from the previous week.

One year ago WTI crude sold for $96.89 and Brent crude was at $115.09.

Motor Fuels
As of Tuesday, July 3rd, the price of regular unleaded gasoline averaged $3.34 across Iowa according to AAA.  This is a decrease over the previous week of $.09 and down $.17 compared to one year ago.  The national average on Tuesday was $3.34, down $.04 from last week’s price. 

Retail diesel fuel prices in Iowa were down a penny with a statewide average of $3.57.   One year ago diesel prices averaged $3.81 in Iowa.   The current Iowa diesel average is $.09 per gallon lower than the national average of $3.66.

Wholesale ethanol prices were up $.16 this week, closing at $2.35.  The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.26 per gallon, down  $.09 from last week’s price and down $.17 compared to one year ago.

Heating Fuels

Natural Gas prices in Iowa rose $.10 over last week’s report, ending the week at $2.80 / MMbtu.

 FULL REPORT

Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov.  

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