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Price Of A Barrel Of Crude Oil Up Nearly $35 Over Last Year’s Rate

One year ago, the cost of a barrel of crude oil on the West Texas Intermediate (WTI) was at $40.29. As of Wednesday, that cost is $75.15, and this is a jump of $3.49 per barrel over last week. These high prices are being reflected at the pumps, and as of July 14, AAA Iowa is reporting the average per gallon price for unleaded gasoline across the state was up three cents from last week to $3, which is $.89 higher than last year. The national average was up a penny to $3.15. Retail diesel prices rose by a penny to a statewide average of $3.11, which is $.88 higher than last year and $.15 lower than the national average of $3.26 per gallon. The wholesale ethanol average dropped $.06 and is currently priced at $2.32. Natural gas saw the largest spike, up $.18 to an average of $3.71 per MMbtu.