(DES MOINES) Are we eventually going to see gasoline prices dropping to under 3 dollars a gallon? Iowa Department of Agriculture energy expert Harold Hommis says the big drop in oil prices should eventually show up at the pump.
“We’re $13 below on crude oil as compared to the first of the year to where we are now, we’re down to about $88 a barrel on West Texas Intermediate so I think that those retail prices will follow on refined products also,” said Hommis.
He says the drop will be painfully slow as wholesalers and retailers are finally seeing a bigger profit margin and plan to hold onto it as long as they can.
Iowa Radio Network