Idaho gas prices drop another 7 cents
BOISE, Idaho (KIFI) – Idaho gas prices took another step in the right direction this week.
According to AAA, today’s average price for a gallon of regular is $3.83, which is seven cents less than a week ago, 26 cents less than a month ago, and 53 cents cheaper than a year ago.
Idaho currently ranks 8th in the country for most expensive fuel behind California ($5.15), Hawaii ($4.74), Washington ($4.61), Nevada ($4.49), Oregon ($4.27), Alaska ($4.16), and Arizona ($3.86). Today, six states are under the $3 mark, with Texas leading the way at $2.88 per gallon.
Here’s a look at Idaho gas prices as of Monday:
- Boise - $3.85
- Coeur d’Alene - $3.92
- Franklin - $3.81
- Idaho Falls - $3.80
- Lewiston - $3.89
- Pocatello - $3.68
- Rexburg - $3.88
- Twin Falls - $3.81
Meanwhile, the national average currently sits at $3.42 per gallon, which is eight cents less than a week ago, 32 cents less than a month ago, and 38 cents less than a year ago.
“Fuel demand dipped slightly this week, but the bigger source of savings was lower crude oil prices,” says AAA Idaho public affairs director Matthew Conde. “Unfortunately, given the current instability in the Middle East, it’s difficult to predict how the cost of crude will look from week-to-week or even from day-to-day. But one thing is certain - the lower crude and gas prices go, the better our starting point will be next year.”
The West Texas Intermediate benchmark for crude oil is currently trading near $82 per barrel after soaring to nearly $90 per barrel just two weeks ago. Continued market volatility could affect the cost of crude in coming weeks, which makes up more than half the price of finished gasoline.
“As you make your Thanksgiving shopping lists, consider buying turkey day snacks and groceries at stores that offer fuel rewards points,” Conde suggested. “Every little bit helps, and you may be able to keep a few more of your hard-earned dollars in your pocket the next time you fill up.”
Conflict in the Middle East is having an impact on the cost of crude oil, which makes regular gasoline more expensive.
But, how do foreign wars really change the afford-ability of gas in Idaho?
"Israel is not a crude oil producer. However, there are neighbors all around them that are. And so the concern initially was when when the terrorist attack happened in Israel, that the response there might result in some other nations getting involved in the area. And so just like the stock market, when when there's bad news or even the threat of bad news, crude oil tends to go up," Conde said.
Condesaid the cooling of gas prices in idaho has been slower as a result of this 'cause and effect' relationship. The good news is gas prices tend to plateau during the holidays, even with seasonal travel.
"If you think of it as going down a ski slope, there's kind of this flat area right around the holiday season where prices might not move very much at all, or they might even bump up a little depending on where the demand is," he said. "So clearly, with prices being much cheaper than they were a year ago, we're in the potential for a lot of folks to be traveling."
You can find the lowest gas prices in the area HERE.
