Idaho gas prices rise as crude oil returns to $80 mark
BOISE, Idaho (KIFI) – After weeks of slow and steady price drops, Idaho pump prices are rising again. The main culprits are rising crude oil costs and a slight increase in fuel demand.
Monday’s price for a gallon of regular in the Gem State is $3.91, which is three cents more than a week ago but six cents less than a month ago.
Idaho ranks 11th in the country – falling out of the top ten – behind California ($5.00), Washington ($4.95), Hawaii ($4.70), Oregon ($4.61), Alaska ($4.34), Nevada ($4.28), Illinois ($3.99), Colorado ($3.95), Utah ($3.94) and the District of Columbia ($3.91).
Here’s a look at Idaho gas prices as of Monday:
- Boise - $3.89
- Coeur d’Alene - $3.99
- Franklin - $3.94
- Idaho Falls - $3.79
- Lewiston - $3.82
- Pocatello - $3.90
- Rexburg - $3.85
- Twin Falls - $3.83
Meanwhile, the national average currently sits at $3.76 per gallon, which is 16 cents more than a week ago and 22 cents more than a month ago.
“We spent some time in the low to mid-$70 range, but crude oil is back above the $80 mark, as the market is feeling a bit more optimistic that summer travel is still going strong,” AAA Idaho public affairs director Matthew Conde said. “Since the cost of crude makes up more than half of the price of finished gasoline, when the price of oil climbs, gas prices usually follow.”
The West Texas Intermediate benchmark for crude is currently trading near $81 per barrel, which is $2 more than a week ago and $10 more than a month ago. According to the latest report by the Energy Information Administration, gasoline demand increased slightly to just under 9 million barrels per day.
“So far this year, Idaho’s state average hasn’t hit $4 per gallon, but that could change in the coming weeks,” Conde said. “If gasoline demand and crude oil remain high, or if a hurricane makes landfall near a major refinery, there’s a chance that the highest pump prices of the year are yet to come.”
