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Gas price update
Posted: 07.16.2012 at 8:18 AM
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KIRKSVILLE, MO -- Gas prices are up for another week around the Heartland. While the national average has not moved in the last week, prices in both Missouri and Iowa have gone up five to ten cents.

The national average stands at $3.42. Missouri is averaging $3.29 while Iowa is $3.41. Both Iowa and Missouri continue to be below the national average but have been slowly creeping up over the last two weeks.

If you have noticed an inconsistency between stations, you aren’t alone. After a month of declining gasoline prices, many stations tried to stick out the initial increase over the two weeks but are now raising their prices to those who already did.

Crude oil prices are well off their recent lows, and we’ll likely continue to see prices hold steady or slightly rise over the next few weeks.

Crude oil is the raw material taken from the ground. Only 20% of crude oil is turned into gasoline. Around 10% is converted into diesel fuel, 5% into jet fuel, and around 5% for lubricants. The remaining 60% of crude oil is converted into other fuels and products ranging from kerosene, waxes, asphalt, and even processing grain.

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