Gas prices drop nationwide, but experts are uncertain if the change will last

IDAHO FALLS, Idaho (KIFI) - Idaho drivers are enjoying another slight drop in gas prices as the price at the pump nationally continues to drop.

According to AAA, the average price for a gallon of regular in the Gem State dipped slightly to $3.16 per gallon, which is three cents less than a week ago, but seven cents more than a month ago and four cents less than a year ago.

“The cost of crude oil was in the low $70 range for all of February.  That kind of stability, coupled with quiet fuel demand, was enough to help pump prices inch lower,” says AAA Idaho public affairs director Matthew Conde.  “We’ve got a chance of another price drop this week, but Spring Break and road trip season will soon figure into the equation.”

The national average price of gasoline has fallen 3.8 cents per gallon in the last week, averaging $3.04/g today, according to a report by GasBuddy. The national average is down 4.7 cents per gallon from a month ago and stands 29.9 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

"Gasoline prices in the U.S. have edged slightly lower over the past week, even as geopolitical tensions intensify, with the Trump administration promising tariffs that could not only create economic uncertainty but also impact what some motorists pay at the pump in the weeks ahead," said Patrick De Haan, head of petroleum analysis at GasBuddy.

"Given the volatility surrounding the tariff situation, forecasting fuel prices remains challenging, as uncertainty lingers over the timing and scope of these tariffs, which the Trump administration has suggested will soon take effect. This comes on top of ongoing concerns about the Russian invasion of Ukraine and discussions of a potential deal to end the war. While OPEC has signaled its intent to stabilize the market, policy decisions from the White House could introduce further uncertainty, making it difficult to predict where prices will head next. However, nearly every year sees a seasonal spring increase, which could eventually push prices higher ahead of summer."

Here's a list of historical gasoline prices in Idaho and the national average over the last decade:

• March 3, 2024: $3.19/g (U.S. Average: $3.34/g)
• March 3, 2023: $3.62/g (U.S. Average: $3.37/g)
• March 3, 2022: $3.64/g (U.S. Average: $3.76/g)
• March 3, 2021: $2.60/g (U.S. Average: $2.74/g)
• March 3, 2020: $2.47/g (U.S. Average: $2.42/g)
• March 3, 2019: $2.28/g (U.S. Average: $2.43/g)
• March 3, 2018: $2.52/g (U.S. Average: $2.53/g)
• March 3, 2017: $2.44/g (U.S. Average: $2.32/g)
• March 3, 2016: $1.83/g (U.S. Average: $1.80/g)
• March 3, 2015: $2.08/g (U.S. Average: $2.44/g)