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Gas prices could rise as holiday travelers hit the road

IDAHO FALLS, Idaho (KIFI) - Thousands of people across Idaho and the nation are hitting the road for Thanksgiving, despite gas prices nearly half a dollar more than a year ago.

While gas prices sit around $4 throughout parts of Idaho, AAA experts say we may see another drop in gas prices due to lower costs of crude oil.

"Things are moving in the right direction. But, any time there's a perception of scarcity in the market for crude oil, it has a ripple effect down into finished gasoline," AAA Idaho public affairs director Matthew Conde said. "Right now, we're in a situation where those prices are still floating around the $80 mark per barrel. Keeping in mind that that affects 50% of the cost of finished gasoline. We need that number to keep dropping."

But, as nearly 54.6 million Americans, including 312,000 Idahoans, plan to set out for turkey day, we may see that downward trend reverse. AAA experts say an end-of-the-year bump would affect prices at the pump throughout 2023. 

"I think there's probably another 20 or 30 cents that can come out between now and Christmas time. Hopefully, that's what we get..." Conde said. "But if we still are at $4 going into January, watch out, because we're probably going to add another $0.50, $0.60 on top of that going back towards peak driving season."

AAA adds this Thanksgiving many people are digging deep and finding a way to budget for the opportunity to connect or re-connect with their loved ones.

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

Article Topic Follows: Gas Prices
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Seth Ratliff

Seth is a reporter for Local News 8 and Eyewitness News 3.

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