Historic Labor Day gas prices in Idaho create budget gymnastics at the pumps
IDAHO FALLS, Idaho (KIFI) - As Labor Day weekend approaches, many families load their cars with mementos to make the most of their last summer adventure. However, this year, many families are rummaging for spare change under their seats just to fill up their gas tanks on the way to enjoy that fleeting taste of summer freedom.
Gas prices in Idaho are expected to reach a historical high this Labor Day weekend, with the average price of a regular gallon around $4.57, according to Idaho AAA. That is eight cents more than a week ago, 27 cents more than a month ago, and a staggering $1.11 more than a year ago. Raising more alarm, Idaho now ranks seventh in the nation for the most expensive gasoline, according to AAA.
GasBuddy is also projecting the national average to reach $4.03 per gallon — the highest price ever recorded for the holiday in nominal terms. The projection is 87 cents higher than last Labor Day, and would surpass the previous Labor Day record of $3.83 set in 2012.
For families already budgeting around food, lodging and other holiday expenses, the added cost at the pump can make a weekend getaway considerably more expensive. AAA Idaho Public Affairs Director Matthew Conde says the higher prices are creating another set of challenges for household finances.
“Some folks are doing serious budget gymnastics to make ends meet,” Conde said. “Hopefully, there are calmer days and lower prices on the way this fall.”
Why the continual rise in gas prices?
The increase comes as global energy markets remain unsettled.
AAA says continued turmoil in the Middle East is contributing to higher crude oil prices, which is putting upward pressure on gasoline prices. The national average is currently $4.08 per gallon—about two cents lower than a week ago and a month ago, but still 90 cents higher than it was one year ago.
GasBuddy has also pointed to geopolitical disruptions affecting the global supply of crude oil and refined fuel. The ongoing conflict involving Iran has threatened traffic through the Strait of Hormuz, while attacks on Russian refineries have reduced refining capacity and tightened supplies of gasoline and diesel worldwide.
The West Texas Intermediate benchmark for crude oil was trading near $85 per barrel as of Aug. 31. While that is roughly the same price as a month ago, crude oil prices had fallen to about $75 per barrel in early August. The current price is also about $20 per barrel higher than it was a year ago.
As of Aug. 31, AAA reported the following average prices for a gallon of regular gasoline:
- Boise: $4.56
- Coeur d’Alene: $4.46
- Franklin: $4.38
- Idaho Falls: $4.49
- Lewiston: $4.50
- Pocatello: $4.55
- Rexburg: $4.49
- Twin Falls: $4.59
Among the cities listed by AAA, Twin Falls had the highest average price at $4.59 per gallon, while Franklin had the lowest at $4.38.
Prices going down anytime soon?
There may be some relief ahead.
GasBuddy expects gasoline prices to begin falling after Labor Day as summer driving demand fades and much of the country transitions to less expensive winter gasoline around mid-September. However, the company also cautions that continued geopolitical instability could delay that seasonal decline.
For Idaho drivers heading out this holiday weekend, AAA recommends checking fuel prices before filling up and shopping around for the best deal.
Local News 8 is also tracking prices at stations throughout eastern Idaho. Visit our Gas Prices page to find the cheapest places to fill up near you before hitting the road.
