Commodities
Iowa Gas Prices Skyrocket Amid US-Iran Tensions
Gas prices in Iowa surged nearly 20 cents over just 24 hours as tensions between the U.S. and Iran drove up crude oil costs.
The statewide average for regular gas rose from $3.87 on Tuesday to $4.05 by Wednesday, according to AAA.
In some areas, prices climbed even higher: several stations along University Avenue had regular gas at $4.19, while premium reached as high as $5.01.
Rising crude oil prices were the main factor in the increase, with the cost of crude oil itself accounting for about 50% of what drivers pay at the pump.