Fuel Prices Soar as Conflict with Iran Takes Its Toll

High fuel prices are causing pain for Iowans and consumers nationwide. Regular gasoline in Iowa is averaging $4.37 per gallon, while diesel is averaging over $6.30. These prices have increased by nearly 78% and 48%, respectively, over the past year.

The rising costs of fuel are affecting more than just what we pay at the pump. Diesel powers trucks that transport goods, equipment that builds roads, and tractors that harvest crops. Higher transportation costs eventually show up on store shelves.

Iowa farmers are entering harvest season with higher diesel costs and increasing expenses across the board. While corn and soybean prices have improved from last year, they do not offset the added cost of getting their crop to market.

The war with Iran is a significant new pressure on the global oil market. Disruptions to production, shipping, and key trade routes affect fuel prices worldwide, including in countries like the US that produce more energy than they consume.