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Fuel Prices Decline

CEDAR RAPIDS, Iowa (CBS 2/Fox 28) -- Fuel prices around Iowa have declined, now two weeks ahead of the Memorial Day holiday weekend.

Average retail gasoline prices in Iowa have fallen 5.4 cents per gallon in the past week, averaging $3.52/g yesterday, according to GasBuddy's daily survey of 2,036 gas outlets in Iowa. This compares with the national average that has fallen 1.8 cents per gallon in the last week to $3.62/g, according to gasoline price website GasBuddy.com. 
Including the change in gas prices in Iowa during the past week, prices yesterday were 13.6 cents per gallon lower than the same day one year ago and are 8.9 cents per gallon lower than a month ago. The national average has increased 2.9 cents per gallon during the last month and stands 4.9 cents per gallon higher than this day one year ago. 

"Pump prices have continued to recede across much of the country, although decreases have been small so far," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "The national average peaked in the closing days of April and has moved down a few cents per gallon, and we'll likely continue to see prices dropping as we approach Memorial Day.

California continues to see the largest decreases thanks to increasing supply and falling wholesale prices. On the other hand, Oregon and Washington may see slight increases in prices as supply remains tight.

The national average by Memorial Day will be between 5-10 cents per gallon lower than today, which would represent a nice decrease over where gasoline prices were on Memorial Day 2013," DeHaan said.
 
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