Gas prices begin to rise with market confidence

BOISE, Idaho (KIFI) - Crude oil prices have reached their highest point in the past year, at $56 per barrel.  

As the market grows confident that demand will soon increase, prices are on the rise. At the same time, OPEC (Organization of Petroleum Exporting Countries) has announced that current production cuts will remain in effect for the foreseeable future.

“Over the next few weeks, we would anticipate gas prices continuing on an upward trajectory, perhaps by as much as ten cents a gallon, as higher replacement costs make their way down to consumers,” says AAA Idaho spokesman Matthew Conde.  “But for those with a glass-half-full mentality, Idaho drivers are still in the enviable position of paying less than the national average and less than they paid a year ago.”

According to AAA, the average price for regular fuel in Idaho is $2.39 per gallon today.   That is 17 cents more than a month ago, but 15 cents less than a year ago.  The national average price is $2.47.   February 6 was the first time in 340 days that the U.S. average price was more expensive year-over-year.

Here’s a selection of Idaho gas prices as of early Monday:

• Boise - $2.48
• Coeur d’Alene - $2.12
• Franklin - $2.34
• Idaho Falls - $2.33
• Lewiston - $2.38
• Pocatello - $2.33
• Twin Falls - $2.33

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