Iowa gas prices average $4.00/gallon - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa gas prices average $4.00/gallon

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Average gas prices in the state of Iowa passed the four dollar mark overnight.  They're up four cents and are averaging $4.00/gallon, according to GasBuddy.com. 

The last time gas prices spiked that high was in July of 2008.  This, as oil company executives say in spite of record profits, they need tax breaks like any other business.  The top five oil companies brought in nearly $36 billion in profits in the first quarter, but get $2 billion in tax exemptions annually.  The executives were questioned by the Senate Finance Committee Thursday.

"You'd have an easier time convincing the American people that a UNICORN just flew into this hearing room, than these big oil companies need taxpayer subsidies," Senator Chuck Schumer (D-NY) said.

"Raising our taxes will not reduce the price of gasoline," Chevron CEO John Watson said.

"We all know that going after oil companies is easy politics, but we also know if this bill were to pass it wouldn't lower gas prices one penny," House Speaker John Boehner (R-OH) said.

But many democrats including the President think ending tax breaks for companies making record profits means billions that could help ease the deficit.

"Our position is the best use of that money would be to invest in clean energy," White House Press Secretary Jay Carney said.

With the repeal of the oil company tax breaks unlikely to pass, the White House welcomed republicans to try to find other common ground on the budget- the two sides are still far apart.

Oil closed Thursday at $99/barrel, helped out by the weaker dollar.

Nationwide, gas prices averaged the same overnight as they were Thursday, $3.96/gallon.

That's up nearly two dimes from a month ago.  Here in Iowa, average prices passed the four dollar mark overnight.  Prices are up four cents averaging $4.00/gallon in Iowa.  That's 25 cents more than a month ago.

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