Idaho gas prices on the rise, but slowing down – for now
IDAHO FALLS, Idaho (KIFI) - It’s been another tough week for Idaho drivers – according to AAA, Monday’s average price for a gallon of regular is $3.71, which is a seven-cent increase from a week ago.
Meanwhile, the national average fell by six cents to $3.61 per gallon over the same time period. The Gem State currently ranks 11th in the U.S. for most expensive fuel.
“Pump prices in other parts of the country have been dropping because of cheaper crude oil. While that hasn’t happened here yet, at least the Idaho average has slowed down, with prices moving only a penny since last Thursday,” AAA Idaho public affairs director Matthew Conde said. “Lately, the state and national averages have been two ships passing in the night, but if fuel demand remains high, gas prices everywhere will be under a lot of pressure to follow suit.”
Here’s a look at Idaho gas prices as of Monday:
- Boise - $3.83
- Coeur d’Alene - $3.60
- Franklin - $3.78
- Idaho Falls - $3.51
- Lewiston - $3.60
- Pocatello - $3.60
- Rexburg - $3.59
- Twin Falls - $3.70
According to the Energy Information Administration, gasoline demand soared to 9.5 million barrels per day, a 1-million-barrel increase from the previous week.
On Monday, the most expensive fuel in the U.S. can be found in California ($4.87), Hawaii ($4.78), Arizona ($4.70), Washington ($4.60), and Nevada ($4.26). The cheapest fuel can be purchased in Mississippi at $3.08 per gallon.
The West Texas Intermediate benchmark for crude oil is currently trading near $75 per barrel, which is $4 less than a week ago and $5 less than a month ago. Prices fell amid market concerns that low consumer confidence could contribute to a recession this year. If a recession does occur, oil demand will likely fall, applying downward pressure on crude prices and, in turn, gas prices.
“Barring a major economic downturn, any pause in rising pump prices will be exactly that – a temporary halt in the trend of higher prices leading up to Memorial Day,” Conde said. “The average price to fill up in Idaho is still roughly 70 cents per gallon cheaper than a year ago, so we don’t expect to see many travelers postpone or cancel their road trips for now.”
You can find the lowest gas prices in the area HERE.
