Idaho gas prices up as oil market rocks

IDAHO FALLS, Idaho (KIFI/KIDK) - Ahead of an international oil market meltdown this week, Idaho gas prices rose 2.3 cents per gallon in the past week.

Based on its inventory of 802 Idaho service stations, Industry watchdog "GasBuddy" reports Idaho's average price is $2.51 per gallon Monday. That is 2.3 cents per gallon lower than a month ago and 21 cents per gallon higher than a year ago.

During the same time frame, the national average price fell 6.3 cents per gallon in the last week.

"It's been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20% in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have no where to go but down and like a rock," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Oil has seen its value cut in half since tensions in Iran fired up prices several months ago.

"For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros, at a time of year that prices are usually rising, we'll see anything but that," said DeHaan. "The national average came into March like a lamb and will likely be leaving as a lion, with prices roaring lower."

You can find the lowest gas prices in the area HERE.

You can check gas price trends here.