Gasoline prices continue to see decline in Iowa

CEDAR RAPIDS - The price of a gallon of gasoline continues to fall at Iowa convenience stores and service stations as refiners shift from a required 'summer blend” of fuel.

Average retail gasoline prices have fallen 5.7 cents per gallon in the past week, averaging $3.25 per gallon Sunday, according to gasoline price website GasBuddy.com's daily survey of 2,036 fuel outlets in Iowa.

Including the change in gas prices in Iowa during the past week, prices on Sunday were 28.4 cents per gallon lower than the same day a year ago and 13.8 cents per gallon lower than a month ago.

'As expected, fuel prices nationwide continue to decline following the expiration last week of the Environmental Protection Agency's ‘summer blend' gasoline requirement,” said Gregg Laskoski, GasBuddy.com senior petroleum analyst. 'That's good news for consumers.

'We know that when gas prices rise in springtime it removes billions from the U.S. economy. Logic dictates that the reverse is true too, and that as prices fall, it puts a little money back in consumers' pockets.”

The national average price of gasoline has fallen 3.4 cents per gallon in the last week to $3.34 per gallon, according to GasBuddy.com. The national average has declined 8.1 cents per gallon during the last month and stands 15 cents per gallon lower than this day a year ago.

Industry analyst Trilby Lundberg said Sunday that falling crude oil prices also are driving the declines.

Crude oil futures fell more than $1 on Monday as ample supply and slowing economic growth in Europe and China outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC).

OPEC members, many of whom need oil prices above $100 a barrel to meet budgetary needs, will review oil output policy at a meeting on Nov. 27.