Iowa Gas Prices Surge as Middle East Tensions and Refinery Outage Combine
Gas prices in Iowa have surged to new heights as tensions in the Middle East and a Midwest refinery outage contribute to rising crude oil costs. The average price of unleaded gas has increased by 25 cents per gallon, reaching $4.36 per gallon overnight on Wednesday. Diesel prices are still at record levels, standing at $6.17 per gallon.
Brian Ortner from Triple-A Motor Club attributes the price spike to several factors, including a recent power outage at Exxon Mobile's Joliet refinery in Illinois. The refinery produces approximately 11 million gallons of gas and diesel fuel daily and is a key supplier for the Midwest. As a result, the outage has had a significant impact on the region's fuel supply.
Ortner also points to the ongoing crisis over the Strait of Hormuz as another contributing factor. The limited availability of supplies through this critical waterway has driven up crude oil prices, which are currently trading above $100 per barrel. As a result, consumers may want to consider routine vehicle maintenance, such as oil changes and proper tire inflation, to increase fuel efficiency.