Crude oil prices push Idaho gas prices higher
BOISE, Idaho (KIFI) - Rising crude oil prices are pushing Idaho gas prices higher, despite low demand for fuel.
Idaho AAA says the price activity marks the first substantial increase in the month of January since 2009.
“There was a slight dip in crude oil prices to end the week, partly based on market concern that the rising number of COVID-19 cases could lead to further restrictions and even less fuel demand. But the overall trend is that of rising crude oil prices, and that’s been enough to keep pump prices climbing even with demand being down,” says AAA Idaho spokesman Matthew Conde. “We expect crude oil and petroleum prices to continue to be very reactionary to the number of new infections, and the successful deployment of the vaccine, in the weeks ahead.”
Idaho drivers were paying an average $2.27 per gallon Monday, which is 3 cents per gallon more than a month ago, but 34 cents cheaper than a year ago. The national average is $2.39, which is 17 cents a gallon more than a month ago and 16 cents less than a year ago.
As of this week, West Texas Intermediate crude oil is trading at $53 per barrel. That is $4 higher than a month ago, but $5 cheaper than a year ago.
Low fuel demand resulted in an addition to gasoline stocks. Those higher inventories could help offset a slight increase in demand, according to AAA.
Here is a selection of AA surveyed gas prices Monday:
- Boise - $2.31
- Coeur d’Alene - $2.10
- Franklin - $2.19
- Idaho Falls - $2.17
- Lewiston - $2.25
- Pocatello - $2.25
- Twin Falls - $2.25
