IDAHO FALLS, Idaho (KIFI) - For many Idaho drivers, the days of cheaper gas prices are officially in the rearview mirror.
According to AAA, the Gem State’s average price for regular jumped another 12 cents to $2.72 per gallon this week.
That’s 33 cents more than a month ago and a 50-cent increase since January 1.
Idaho’s average price is still five cents cheaper than the national average. After dropping as low as 36th in the country this winter, the Gem State currently ranks 23rd for most expensive gas prices.
“Treasure Valley and Idaho Falls gas prices are up 12 to 13 cents this week, about the same as the state average,” AAA Idaho spokesman Matthew Conde said. “Gas prices in the Twin Falls and Franklin areas shot up by 19 cents per gallon, and Pocatello pump prices increased by 16 cents. But right now, Idaho Falls and Coeur d’Alene are the envy of the state at about $2.59 per gallon.”
Here’s a selection of Idaho gas prices as of Monday:
- Boise - $2.81
- Coeur d’Alene - $2.59
- Franklin - $2.68
- Idaho Falls - $2.58
- Lewiston - $2.67
- Pocatello - $2.68
- Twin Falls - $2.65
“Drivers can expect higher prices at the pump this spring, particularly as consumer confidence is restored with the rollout of COVID-19 vaccines. Barring the unexpected, the national average could hit $2.90 or even $2.95 per gallon before things start to level off,” Conde said. “Based on historical trends, Idaho prices could top the $3-per-gallon mark in the coming weeks and months.”
Today, the U.S. average price is $2.77, which is 30 cents more than a month ago and 38 cents more than a year ago. About 1 in 10 gas stations are currently charging pump prices of $3/gallon or more. AAA projects by the end of the month, drivers in up to 30 states could be paying 50 cents more per gallon to fill up than they did a year ago.
“The biggest increase this week was in Utah, where the state average jumped by 21 cents per gallon,” Conde said. “That’s worth watching, because most of Idaho’s supply comes from Utah.”
Crude oil prices reacted sharply to OPEC’s (Organization of the Petroleum Exporting Countries) announcement the organization will produce just an additional 170,000 barrels of oil per day in April, far less than the 1.5 million barrel-per-day increase that was anticipated. The West Texas Intermediate price for crude oil went up to $66 per barrel, which is $15 per barrel more than at the beginning of the year.
In addition to the rising cost of crude oil, recent winter storms reduced refinery capacity to 56% at one point in time, and gasoline stocks have now dropped below where they were a year ago. Both are putting additional upward pressure on gas prices.
You can find the lowest gas prices in the area HERE.