Gas prices continue to climb

GasBuddy’s weekly survey of 802 Idaho stations found an average price of $2.90 per gallon Sunday. Prices are 46.8 cents per gallon higher than a month ago, but are still 8 cents per gallon lower than a year ago.

The national average price is unchanged in the past week, averaging $2.84 per gallon. The national average is up 22.3 cents per gallon from a month ago.

“Gas prices continue to drift higher, although the pace has slowed somewhat in the last week, but that may end soon as rumors point to an end to U.S. issued waivers that allowed countries to continue buying oil from Iran that may be announced as soon as tomorrow,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Combined with cuts in OPEC production and rising demand DeHaan said that would only serve to continue advancing as prices.

“With such a policy change and waivers perhaps ending, it could directly cause another round of gas price increases just as the national average reaches its highest level in months and points to a more painful summer at the pump.

“With such a policy move, if OPEC fails to increase output to offset the likely drop from an end to Iran waivers, expect oil prices to continue to surge,” said DeHaan. “This will cost Americans billions if the Administration enforces the end to waivers.”

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