News Column

Crude Oil Falls for Second Week

July 16, 2014



DES MOINES, Iowa, July 16 -- The Iowa Department of Agriculture and Land Stewardship issued the following news release:

The price of WTI crude fell by $2.19 this week, closing on Tuesday at $99.96 / barrel. This marks the first time in more than two months since crude has dipped below the $100 per barrel level.

Crude Oil Summary

The price of global crude oil fell this week on the West Texas Intermediate (WTI) by $2.19 per barrel over last week closing at $99.96 on Tuesday, July 15.

Brent crude oil fell $2.28 for the week ending at $106.02.

One year ago WTI crude sold for $106.00 and Brent crude was at $109.29.

Motor Fuels

As of Tuesday, July 15th, the price of regular unleaded gasoline averaged $3.53 across Iowa according to AAA. This is down $.02 from last week and up $.10 from one year ago. The national average on Tuesday was $3.61, down $.04 from last week's price.

Retail diesel fuel prices in Iowa were down two cents on the Tuesday report with a statewide average of $3.73. One year ago diesel prices also averaged $3.73 in Iowa. The current Iowa diesel average is $.15 per gallon lower than the national average of $3.88.

Wholesale ethanol prices fell $.04 this week, closing at $2.10. The price of Mid-Grade Blend in Iowa (10% ethanol) closed at $3.45 per gallon, down $.04 from last week's price yet remains $0.16 higher than one year ago.

Heating Fuels

Natural Gas prices were down $.10 from last week's report, ending the week at $4.10 / MMbtu.

Tips for saving energy on the road or at home are available at www.energysavers.gov and at www.fueleconomy.gov.

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Source: Targeted News Service


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