2023 Idaho Gas Price News

The latest news on local, regional, and national gas and crude oil prices for Idahoans

Updated 1/30/23

Idaho Gas Prices up a Nickel, but Cold Weather May Freeze Demand

BOISE – Idaho gas prices are on the rise, but drivers here continue to pay less than many of their counterparts nationwide.

According to AAA, today’s average price for a gallon of regular in the Gem State is $3.44 per gallon, which is a nickel more than a week ago, but the same price as a month ago.  Meanwhile, the national average currently sits at $3.51 per gallon, which is nine cents more than a week ago and 33 cents more than a month ago.  Today, Idaho ranks 21st in the country for most expensive fuel.

While Idaho’s average price sharply increased at the beginning of last week, it has held steady for the past five days.  Frigid temperatures could be lending a helping hand.

“In some parts of the U.S., it’s being called ‘the winter that wasn’t,’ and Americans have fueled up to take advantage of milder-than-expected weather.  But here in Idaho, we’ve been feeling the chill, which could be curbing regional demand and keeping pump prices from rising as quickly as they have in other parts of the country,” says AAA Idaho public affairs director Matthew Conde.  “But the combination of high crude oil costs and extremely cold weather could make the price of fill-ups a little wobbly this week.”

Gas prices surged this week in areas like the Treasure Valley (+10 cents), the Magic Valley (+6 cents), Pocatello (+7 cents), Lewiston (+10 cents), and Franklin (+12 cents), but they’ve been steadier in places like Coeur d’Alene and Idaho Falls.  As local weather and fuel demand fluctuate throughout the week, pump prices may ebb and flow.

In the Rockies region, fuel supplies have been hard-hit by the emergency closure of the Suncor refinery in Colorado in late December.  The refinery, which is expected to remain offline until late March, supplies 35-40% of the gasoline products used in Colorado, including the Denver area.

The resulting closure sent the Rockies region’s refinery utilization rate plummeting to just 60%, but with other refineries stepping up to offset some of Suncor’s lost production this week, the rate jumped back to 65% in the Energy Information Administration’s most recent report.  As long as gasoline supplies remain tight, any surge in demand could apply upward pressure on pump prices.

The West Texas Intermediate benchmark for crude oil is currently trading near $78 per barrel, which is $4 less than a week ago and $2 less than a month ago.  Crude prices have hovered near the $80 mark for the past few weeks amid the market’s continued belief that China’s efforts to re-open its economy will create more demand for crude in the future.

Here’s a look at Idaho gas prices as of 1/30/23:

  • Boise – $3.53
  • Coeur d’Alene – $3.24
  • Franklin – $3.38
  • Idaho Falls – $3.30
  • Lewiston – $3.58
  • Pocatello – $3.41
  • Rexburg – $3.52
  • Twin Falls – $3.46

 

Updated 1/23/23

Idaho Gas Prices Now Below the National Average

BOISE – This week, continued market volatility sent gas prices higher across the country, but Idaho drivers have been spared from the recent trend – at least for now.

According to AAA, the national average price for a gallon of regular gasoline is $3.42 today, which is 12 cents more than a week ago and 33 cents more than a month ago.  In an unusual turn of events, Idaho’s average price currently sits below the national average at $3.39 per gallon, which is a penny and a half more than a week ago, but still 12 cents cheaper than a month ago.

The last time that Idaho pump prices fell below the national average was on February 18, 2022 – almost a year ago.  The effect lasted for about a month.

Today, the Gem State ranks 21st in the U.S. for most expensive fuel.

“So far, Idaho is swimming against the current, but we may not be able to hold out for much longer.  Powerful forces could sweep us into the price increases that are happening elsewhere,” says AAA Idaho public affairs director Matthew Conde.  “Crude oil continues to be very expensive, fuel demand is on the rise, and a refinery shutdown in Colorado has tightened regional supplies.  All of these factors could play a part in higher pump prices this week.”

Today, the West Texas Intermediate benchmark for crude oil is trading near $82 per barrel, which is $2 more than a week ago and about $3 more than a month ago.  In the past couple of weeks, the market has rallied around news that China is re-opening its economy despite high COVID-19 infection rates, signaling that global crude demand may be higher than anticipated.  Crude oil makes up more than half of the price of finished gasoline.

According to the Energy Information Administration (EIA), gasoline demand rose from 7.5 million barrels per day to 8 million b/d last week.  If demand remains robust, pump prices could rise.

In late December, fire broke out at the Suncor refinery in Commerce City, Colorado, which supplies 35-40% of the fuel that Coloradans use, including in the Denver metro area.  With the refinery expected to remain offline for inspection and repairs until mid to late March, regional supplies will become strained as demand increases.  In EIA’s most recent report, regional refinery utilization rates plummeted to 60%, with a total utilization loss of 25% since the Suncor fire.

“If the market continues to feel this kind of pressure, higher gas prices could follow,” Conde said.  “But on the other hand, another cold snap could ease demand, or crude oil prices could reverse course.  We’ll have to keep a close eye on how things unfold.”

Here’s a look at Idaho gas prices as of 1/23/23:

  • Boise – $3.43
  • Coeur d’Alene – $3.23
  • Franklin – $3.26
  • Idaho Falls – $3.28
  • Lewiston – $3.48
  • Pocatello – $3.34
  • Rexburg – $3.42
  • Twin Falls – $3.40

 

Updated 1/17/23

Idaho Gas Prices Inch Higher with Rising Cost of Crude Oil

BOISE – The cost of crude oil is on the rise, and Idaho drivers are starting to feel the effects at the pump.

According to AAA, today’s average price for a gallon of regular in the Gem State is $3.39, which is a penny and a half more than yesterday, but a penny less than a week ago and 27 cents less than a month ago.  Meanwhile, the national average currently sits at $3.32 per gallon, which is six cents more than a week ago and 17 cents more than a month ago.

Idaho’s average price is just seven cents above the national average, and the Gem State currently ranks 15th in the country for most expensive fuel.

“Right now, gasoline demand is fairly flat, which makes sense given the colder temperatures and people not traveling as much.  But as fears of a global economic recession eased a bit this week, the cost of crude oil has started climbing, which puts upward pressure on pump prices,” says AAA Idaho public affairs director Matthew Conde.  “Utah, where most of our finished gasoline is refined, saw a seven-cent jump this week.  Idaho drivers could soon feel the ripple effect.”

AAA says that flat gasoline demand and growing supplies helped curb the hike in fuel prices this week, and demand is not expected to surge until closer to spring break.  But China recently announced plans to increase its crude oil purchases this year, and the market took it as a sign that crude demand may be stronger than anticipated, sending oil prices higher in the process.

The West Texas Intermediate benchmark for crude oil is currently trading near $80 per barrel, which is $5 more than a week ago and $6 more than a month ago.  If the trend of expensive crude continues, drivers could pay more to fill up this week.

Here’s a look at Idaho gas prices as of 1/17/23:

  • Boise – $3.41
  • Coeur d’Alene – $3.21
  • Franklin – $3.28
  • Idaho Falls – $3.31
  • Lewiston – $3.49
  • Pocatello – $3.32
  • Rexburg – $3.42
  • Twin Falls – $3.40

 

Updated 1/9/23

Idaho Gas Prices Fall Out of the Top Ten

BOISE – Idaho drivers find themselves in an unusual position today – the state is off the top ten list for most expensive gas.  According to AAA, Idaho currently ranks 13th in the nation for most expensive fuel as devastating winter storms and holiday travel sent prices higher in other parts of the country.

Today, Idaho’s average price for regular gasoline is $3.40 per gallon, which is three cents less than a week ago and 46 cents less than a month ago.  Meanwhile, the national average currently sits at $3.28 per gallon, which is six cents more than a week ago and just four cents less than a month ago.  The two averages are now just 12 cents apart.

“The national average rose daily starting on Christmas Eve, as holiday travel and severe weather motivated drivers to fill up.  But fortunately, Idaho was spared from the recent spike, and prices here have continued to drop,” says AAA Idaho public affairs director Matthew Conde.  “Now that some of those issues have resolved, both the Idaho and U.S. average prices could take a downward trajectory this week, barring any disruptions in the cost of crude oil.”

According to the Energy Information Administration, gas demand dropped from 9.3 to 7.5 million barrels per day last week.  Lower demand has stabilized the national average, which dropped a penny over the weekend.

The West Texas Intermediate benchmark for crude oil is currently trading near $75 per barrel, which is $2 less than a week ago and $4 more than a month ago.  Crude prices declined last week amid concerns of a global recession and rising COVID-19 cases in China.  If economic concerns persist, crude prices could fall this week, bringing down gas prices in the process.

Here’s a look at Idaho gas prices as of 1/9/23:

  • Boise – $3.44
  • Coeur d’Alene – $3.15
  • Franklin – $3.19
  • Idaho Falls – $3.39
  • Lewiston – $3.50
  • Pocatello – $3.37
  • Rexburg – $3.44
  • Twin Falls – $3.43

 

Updated 1/3/23

Idaho Gas Prices Fall to Ring in the New Year While U.S. Average Climbs

BOISE – Idaho drivers are still basking in holiday cheer by paying some of the state’s lowest gas prices in a year, but winter weather and year-end travel are causing the price of fill-ups to rise in other parts of the country.

According to AAA, the average price for a gallon of regular in the Gem State is $3.43, which is four cents less than a week ago and 54 cents less than a month ago.  The national average currently sits at $3.23 per gallon, which is 13 cents more than a week ago, but 20 cents less than a month ago.

After several weeks in 7th or 8th place, Idaho currently ranks 9th in the nation for most expensive fuel behind Hawaii ($5.03), California ($4.43), Nevada ($3.98), Washington ($3.87), Oregon ($3.74), Alaska ($3.71), Pennsylvania ($3.63), and Washington, D.C. ($3.48).

“In the past few weeks, holiday travel increased the demand for gasoline, and then we saw severe winter storms raging across the country that motivated people to prepare by filling up their cars.  That, combined with some temporary refinery shutdowns in places like Texas and the Gulf Coast, put additional pressure on pump prices in some parts of the U.S.,” says AAA Idaho spokesman Matthew Conde.  “Demand will likely level off throughout the month of January, and with refineries back up and running, we could continue to see favorable gas prices to kick off the new year.”

2022 gas price comparison – Idaho vs. U.S. average

2022 was a year marked by extremely volatile crude oil prices and robust travel activity that nearly rivaled pre-pandemic levels for every major holiday.  Surging fuel prices in Idaho and across the country were similar for the first half of the year, but the gap widened during the busy summer months.

“During the pandemic, people had fewer travel options.  As a result, some families were able to save up discretionary income that they could use in 2022 to make their holiday road trips possible, even with much higher gas prices,” Conde said.  “It will be very interesting to see how people’s pain thresholds change or stay the same when it comes to gas prices this year.”

Today, the West Texas Intermediate benchmark for crude oil is trading near $78 per barrel, which is $2 less than a month ago and $2 more than a year ago.

“The cost of crude oil, which makes up more than half of the price of finished gasoline, has been really topsy-turvy over the past few months.  With OPEC’s ongoing production cuts, the nearly-global boycott of Russian crude, and continued concerns over the possibility of a recession or economic slowdown, there’s a lot of uncertainty in the market, which makes everything really jumpy,” Conde said.  “We’ll be keeping a close eye on how things go, with fuel demand expected to ramp up again in the spring.”

Here’s a look at Idaho gas prices as of 1/3/23:

  • Boise – $3.49
  • Coeur d’Alene – $3.01
  • Franklin – $3.40
  • Idaho Falls – $3.47
  • Lewiston – $3.58
  • Pocatello – $3.40
  • Rexburg – $3.49
  • Twin Falls – $3.46