Iowa fuel prices remain below national average - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa fuel prices remain below national average

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DES MOINES (KWWL) – According to the Energy Information Administration, national fuel prices rose in the last half of February and first part of March after dropping during the previous month.

"Transportation fuel prices were up in Iowa over the past month, but prices continue to remain below the national average" said Kerri Johannsen, Data Analyst for the Iowa Office of Energy Independence. "Fuel prices typically rise at this time of year, as suppliers and futures traders get ready for the increased transportation fuel demand that warmer weather will bring. The futures effect is especially evident this year, as investors also bank on increased demand related to economic recovery."

Motor Fuels

The April 15th average price of 10 percent ethanol blended mid-grade gasoline in Iowa was $2.72 per gallon, which is 35 percent higher than the April 2009 price of $2.01 per gallon of the same blend. The April 15th average price for diesel in Iowa was $3.01 per gallon, which is 37% percent higher than the April 2009 price of $2.19.

Crude Oil

On April 15th, a barrel of West Texas Cushing Sweet Crude Oil was $85.84. The price is a 7.6 percent increase compared to the March price of $79.80 and 74 percent higher than the March 2009 price of $49.25.

Heating Fuels

On April 15th, natural gas was trading at $4.01/MMBtu, which is $0.40 higher than one year ago, an 11 percent increase. It is a decrease of 2 percent compared to the March natural gas price of $4.09/MMBtu. The U.S. Department of Energy, Energy Information Administration reports that working natural gas in storage as of Friday, April 9th, was 1,756 Billion cubic feet (Bcf), 16.3 percent higher than the 5-year average (2005-2009) and a 3.8 percent increase from the level during the corresponding week last year.

A propane and heating oil price survey is conducted by the Iowa Office of Energy Independence on a seasonal basis, October through March, and has ended. Currently, the heating fuel sector is in their build season. U.S. inventories of propane rose 1.1 million barrels over the past week to 29.1 million barrels, reaching an average level for this time of year.

 

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