$4 Gas In Waterloo? It Could Become A Reality
Yes, it has happened... California-esque gas prices in the Hawkeye State. In fact, in 2008, gas hit $4.026 in mid-July. There was no pandemic, though there was a pretty Great Recession at the time. While there are buried nuggets of good news in this story, like the fact many experts predict Omicron will fizzle out, it's still not great to see the potential for gas exceeding four bucks in Eastern Iowa.
Gas prices are rising... still
During the winter and colder times of the year, we routinely see gas costs drop as winter blend fuel is cheaper to produce. That trend is being bucked big time in 2022. While as I write this, oil is hovering around $83 a barrel, the reason why we're seeing increases is twofold. Current worldwide events and the fact some of the major oil-producing countries actually only gradually increased oil production.
Another reason for more expensive gas is optimism that the Omicron COVID variant will peter out and we'll see increased travel in 2022, especially come spring and summer.
While not every state is expected to see $4+ a gallon of gas, you can expect to see prices in Iowa, like everywhere else in the U.S., continue to rise for the time being. AAA says prices, on average, in Iowa, are up this week from last week with regular unleaded jumping from $3.085 to $3.143 in the past 7-days.
There's still gas for under $3
While $4 gas this summer is possible, currently you can actually find gas under the $3.143 state average. Well under. A quick gas buddy search shows gas as low as $2.98 in Cedar Rapids and $2.88 in Waterloo. For Sam's Club members, it's even lower. Fingers crossed eastern Iowa will stay below the state average.