Gas prices tumble in Iowa — especially in the Des Moines metro — to the lowest in U.S.

·2 min read
A metro area gas pump lists an especially low gas price on Thursday, Aug. 4, 2022, after a period of historic highs.
A metro area gas pump lists an especially low gas price on Thursday, Aug. 4, 2022, after a period of historic highs.

Looking for the cheapest available gas?

Look no farther than Iowa.

The state average price for a gallon of unleaded gas in Iowa dropped to $3.737 on Friday, matching Missouri for the lowest in the nation.

Thanks to a steep decline in prices this week, the price is now slightly below the midpoint between its all-time high of $4.761 on June 15 and the price a year ago: $3.004.

The average was even lower in the Des Moines metro, at $3.542, according to AAA's gas prices website. That was the lowest for any metro in the state.

At 19.8 cents, the per-gallon week-over-week decline in Iowa's average price was one of the largest in the nation.

According to the Gas Buddy website, prices at the West Des Moines Costco store and at Sam's Clubs locations in the metro were as low as $3.04 a gallon.

The national average was $4.133.

More: With long commutes, Iowa's small-town residents struggle to survive high gas prices

Why are gas prices now going down?

The prices were the lowest since shortly after Russia's February invasion of Ukraine, which disrupted world gas supplies, although the surge had started even earlier, in October 2021. Gas futures prices continued to fall Friday, presaging further price declines to come.

The sharp decline in prices comes after OPEC, led by Saudi Arabia, and its allies, led by Russia, increased output by 648,000 barrels per day in July. The boost is slated to continue through August, tapering down to 100,000 additional barrels a day in September.

More: Even Iowa-based Casey’s gas station pizza costs more thanks to rising cheese prices

In addition, AAA noted, the U.S. Energy Information Administration reported gas demand, which usually rises during the summer months because of vacation travel, has fallen to a level not seen since the workplace shutdowns during the early days of the COVID-19 pandemic.

President Joe Biden also has pushed domestic oil producers to increase their output, and in March released 180 million barrels of oil from the U.S. strategic oil reserve.

Sweet bonus

Gas isn't the only thing that's getting cheaper. Krispy Kreme is advertising that every Wednesday through Aug. 31, it will reset the price of a dozen of its original glazed donuts at the national average for a price of gas.

Krispy Kreme has Des Moines metro locations at 1880 N.W. 86th St. in Clive and 810 E. First St. in Ankeny.

The Associated Press contributed to this article.

This article originally appeared on Des Moines Register: Average gas prices in Iowa fall sharply, now among nation's lowest