Gas prices hold steady

Average gasoline prices held steady in Idaho over the past week, according to the watchdog group GasBuddy.

Their weekly fuel update reported an average price of $3.17 per gallon Sunday among the 802 Idaho gas stations it surveyed.

Prices were 62.2 cents per gallon higher than a year ago and 5.3 cents per gallon higher than a month ago. Over the past month, the national average price dropped 3.1 cents.

U.S. oil production is expected to hit ll million barrels of oil pumped per day, the highest level ever, as OPEC appears ready to adjust oil production levels, according to Gas Buddy petroleum analyst Patrick DeHaan. “Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that’s leading to what nearly every American has been rooting for as of late- lower gas prices. While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn’t been pressure on OPEC to act now that the (previous) glut of crude oil has been absorbed into the market,” said DeHaan.

He expects gas prices to fall slightly into late June or early July before the odds of hurricanes create some volatility and lead to higher short-term prices.

You can follow price trends here.