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For Immediate Release
Wednesday, July 18, 2012

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

 

WHOLESALE ETHANOL PRICES RISE SIGNIFICANTLY, CRUDE OIL REMAIN VOLATILE

DES MOINES –   Wholesale ethanol prices rose significantly, up $.22, closing at $2.69 for the week.  Crude oil prices continued their up-and-down trend –up, increasing by over $5.00 per barrel this week.

Crude Oil Summary
The price of global crude oil spiked this week on the West Texas Intermediate (WTI) by $5.31 per barrel over last week, closing at $89.22.

Brent crude oil also rose substantially in price this week, finishing at $104.21 per barrel on Tuesday’s close, up $5.06 from the previous week.

One year ago WTI crude sold for $97.50 and Brent crude was at $113.74.

Motor Fuels
As of Tuesday, July 17th, the price of regular unleaded gasoline averaged $3.42 across Iowa according to AAA.  This is $.03 higher as compared to last week and down $.22 from one year ago.  The national average on Tuesday was $3.43, up $.05 from last week’s price. 

Retail diesel fuel prices in Iowa were up $.02 on the Tuesday report with a statewide average of $3.63.   One year ago diesel prices averaged $3.88 in Iowa.   The current Iowa diesel average is $.07 per gallon lower than the national average of $3.70.

Wholesale ethanol prices rose significantly this week, up $.22, closing at $2.69.  Additionally, this price reflects a nearly 30% increase (61 cents) over the last two weeks . The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.34 per gallon, up $.03 from last week’s price and down $.22 from one year ago.

Heating Fuels
Propane prices dropped $.10 from mid-June figures with a statewide average of $1.32 per gallon.  Home heating oil rose $.08 from mid-June figures, ending with a statewide average of $3.32 per gallon.  Natural Gas prices in Iowa fell $.03 from last week’s report, ending the week at $2.83 / 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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