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UNPRECEDENTED SPIKE IN PROPANE COSTS

 
UNPRECEDENTED SPIKE IN PROPANE COSTS
Posted Wednesday, January 22nd 2014 @ 5pm

DES MOINES – Propane costs spiked $.61 this week, closing at $2.61, a 30% increase.  Indicators are that propane will likely cross the $3 mark in the next 24 hours.

 

Crude Oil Summary

The price of global crude oil rose this week on the West Texas Intermediate (WTI) by $2.41 per barrel over last week, currently at $96.70.

 

Brent crude oil rose $.97 this week, currently at $107.97.

 

One year ago WTI crude sold for $96.24 and Brent crude was at $112.72.

 

Motor Fuels

As of Tuesday, January 21st, the price of regular unleaded gasoline averaged $3.21 across Iowa according to AAA.  This is the same as last week and up $.05 from one year ago.  The national average on Tuesday was $3.28, down $.03 from last week’s price. 

 

Retail diesel fuel prices in Iowa were down a penny on the Tuesday report with a statewide average of $3.77.   One year ago diesel prices averaged $3.78 in Iowa.   The current Iowa diesel average is $.09 per gallon lower than the national average of $3.86.

 

Wholesale ethanol prices fell $.03 this week, closing at $1.89. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.10 per gallon, down a penny from last week’s price and up $.03 from one year ago.

 

Heating Fuels

Propane prices rose $.61 compared to last week’s price with a statewide average of $2.61 per gallon.  Home heating oil rose $.03 from last week’s figures, ending with a statewide average of $3.43.  Natural Gas prices in Iowa were up $.23 from last week’s report, ending the week at $4.58 / MMbtu. 

 

 

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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