The average price of gas in Iowa has fallen by 2.3 cents for the New Year, according to Iowa’s News Now. Gasoline prices in the state have dropped by 1.4 cents per gallon over the last week, with the average price now standing at $2.80 per gallon. This data comes from GasBuddy’s survey of 2,036 stations in Iowa.
Compared to a month ago, prices in Iowa are 9.6 cents per gallon lower, and they are also 21.1 cents per gallon lower than they were a year ago. The cheapest station in Iowa was found to be priced at $2.45 per gallon, while the most expensive was at $3.59 per gallon, representing a significant difference of $1.14 per gallon.
Nationally, the average price of gasoline has also experienced a decline, dropping by 1.6 cents per gallon over the last week and currently averaging $3.06 per gallon. In addition, the national average price of diesel has fallen by 4.5 cents in the last week, now standing at $3.96 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, commented on the recent developments, stating, ‘After a brief hiatus, the national average has moved off its recent high, again falling closer to the $3 per gallon mark, setting up a potential second attempt at slipping below $2.99 for the first time since 2021. While gas prices have risen in some areas, such as California after refinery snags emerged, other states have returned to declines. Illinois is one such example, falling below $3 per gallon for the first time since 2021. The Great Lakes and Gulf Coast offer some of the nation’s lowest gas prices, with the window of opportunity holding for the next few weeks to potentially re-test some of the levels seen a few weeks ago. The good news continues for average diesel prices, which slipped below $4 per gallon again and stand at their lowest level since the summer.’
Overall, the recent data indicates a positive trend for gas prices in Iowa and across the nation, with the potential for further decreases in the coming weeks.
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