Iowa Gas Prices Spike Nearly 20 Cents in 24 Hours Amid Rising Oil Costs
The state of Iowa is experiencing a significant surge in gas prices due to rising oil costs. According to AAA, the statewide average for regular gas jumped from $3.87 on Tuesday to $4.05 by Wednesday.
This increase represents a near-20-cent rise over just 24 hours, with some areas seeing even larger price hikes. In the Cedar Valley, several stations along University Avenue were selling regular gas at $4.19, while premium was reaching as high as $5.01.
Rising crude oil prices are a major factor in this increase, accounting for around 50% of the cost of fuel at the pump. Crude oil prices themselves surged on Wednesday, rising to around $96 a barrel compared to about $87 last week.
The rapid increase is causing sticker shock for drivers, with AAA offering advice on how to save money by keeping tires properly inflated, carpooling, and combining errands into fewer trips. Additionally, there could be some relief later this year as demand changes and gas stations transition to winter fuel blends.