The National gas price average held steady on the week, but that could change depending on the movement of crude oil prices due to geopolitical concerns. Today’s national average is $2.58, which is the same price as last Monday and last month, but 34-cents more expensive than one year ago.
The Minnesota average also held steady for the week at $2.41, but is 3 cents lower than one month ago. The average is 33 cents higher than one year ago. In Iowa, the average increased one cent for the week and month to $2.37. The average is 41 cents higher than one year ago.
Crude prices increased after the U.S. announced that it conducted a drone strike at an airport in Baghdad and killed Major General Qassem Soleimani – a top military leader in Iran. The incident has escalated tension in the region, raising the possibility that global crude supplies could be disrupted.
“It’s typical to see crude oil prices push more expensive amid current events,” said Jeanette Casselano, AAA spokesperson. “What this increase means in terms of retail prices is yet be seen. It depends on how expensive crude oil prices go and the duration at which it sells at a higher price point.”
For additional information on gas averages, visit AAA.com/Gas.