Gas prices on the rise
BOISE, Idaho (KIFI)-Idaho drivers have just experienced the biggest monthly increase in gas prices in the United States. Average Gem State gas prices rose by 20 cents per gallon to an average $2.45 per gallon.
According to AAA surveys, that is 20 cents per gallon higher than a month ago, but still 8 cents per gallon cheaper than a year ago.
The culprit is the rising cost of crude oil, which continues to put upward pressure on the price of fuel at the pump. 2021 crude oil prices could top the highest price in 2020 as early as this week. Idaho prices are the 27th most expensive in the country this week.
“There is strong market optimism that COVID-19 vaccines will help restore economic activity and bring some demand for fuel back online, but right now, demand is pretty modest - just 7.7 million barrels per day,” says AAA Idaho spokesman Matthew Conde. “This week’s cold weather may drop demand even more in the short term, but freezing conditions have also interrupted refinery activity and distribution in parts of the country, which may shrink supply in some areas.”
Conde said the only silver line is that Idaho drivers are faring better than those in other parts of the country. The U.S. average price is $2.52 per gallon, which is 14 cents more than a month ago.
Here is AAA’s latest snapshot of prices across the state.
Boise - $2.55
Coeur d’Alene - $2.35
Franklin - $2.33
Idaho Falls - $2.34
Lewiston - $2.44
Pocatello - $2.35
Twin Falls - $2.36
