Rising fuel prices linked to crude oil market, no ethanol shortage in sight
Consumers in Iowa and nationwide may have noticed a recent spike in prices at the pump, and this would not be a figment of their imaginations.
A report released last week from the Iowa Department of Agriculture profiles the recent rise, stating the average price for a gallon of unleaded gasoline in Iowa has jumped 12 cents in the last week, closing at $3.59 per gallon Wednesday.
The cause? Crude oil is approaching $100 per barrel, closing at $93.67 Aug. 8. This $5.61 per barrel climb can be attributed to fluctuation in the oil market, said Iowa Department of Agriculture Executive Officer Harold Hommes.
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