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Gas prices continue to drop

Coronavirus-brings-rising-gas-prices

IDAHO FALLS, Idaho (KIFI/KIDK)-Idaho average gas prices fell 14.1 cents per gallon over the past week, according to the watchdog Gas Buddy. Idaho's average price was $1.97 per gallon today, according to Gas Buddy's survey of 802 Idaho service stations.

Across the state, prices ranged from a low of $1.69 to a high of $2.45 per gallon, a 76-cent per-gallon difference.

The national average price is down 7.2 cents per gallon to an average $1.83 Monday.

It is the seventh straight week that prices have moved lower. Retail prices are continuing to play catch-up with a decline in market prices.

"Contrary to popular belief, an OPEC deal over the weekend to cut oil production will actually not have a near-term impact on gasoline prices- not even one bit," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Establishing a floor on ultra-low oil prices will hopefully keep U.S. oil production online instead of bankrupting producers. The aim is exactly that- keep production online- which will keep prices affordable going forward, instead of ultra-low prices shutting in oil production, leading to a slingshot in gas prices years from now."

DeHaan expects gas prices to continue moderating, as gasoline demand remains near 50-year lows.

You can track latest price trends here.

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