BOISE – (April 10, 2023) – Idaho drivers haven’t experienced the recent rise in gas prices that is sweeping across the country, but that could all change soon.
According to AAA, the average price for a gallon of regular in the Gem State is $3.54, which is the same as a week ago and 14 cents less than a month ago. Meanwhile, the national average currently sits at $3.60 per gallon, which is nine cents more than a week ago and 13 cents more than a month ago. The U.S. average was a penny more expensive per gallon than Idaho’s average price last Thursday, but that gap has now widened to six cents.
“As a cold-weather state, our fuel demand has been fairly calm over the past few weeks, and Idaho’s prices have been pretty stubborn – in a good way. But as things thaw out, demand will rise as it has in other parts of the country, taking pump prices along with it,” says AAA Idaho public affairs director Matthew Conde. “Even so, being below the national average is a rare occurrence that we’ll gladly take for as long as we can get it.”
Today, five states are already over the $4 mark – California ($4.88), Hawaii ($4.78), Arizona ($4.39), Washington ($4.39), and Nevada ($4.23) – with Oregon ($3.99) and Illinois ($3.96) fast approaching that threshold. Idaho currently ranks 16th in the country for most expensive fuel. But Utah, which supplies most of Idaho’s finished gasoline, is in 11th place, which could be a sign of things to come.
Increased gasoline demand, tighter supplies, and the high cost of crude oil have all contributed to more expensive fill-ups nationwide. According to the Energy Information Administration, demand jumped from 9.1 to 9.3 million barrels per day, and gasoline stocks dropped by 4 million barrels this week.
The West Texas Intermediate benchmark for crude oil is currently trading near $80 per barrel, where it has remained since OPEC’s recent announcement that it will cut crude oil production by an additional 1.6 million barrels per day beginning in May. The cost of crude oil makes up more than half of the price of finished gasoline.
“Refineries are coming out of the turnaround for spring maintenance and increasing their production, including here in the Rockies region, and the Suncor facility in Colorado is back online, which should help,” Conde said. “Hopefully, the additional supply will keep up with gasoline demand for a while and ease pump prices in Idaho a little longer. But when fuel demand hits full crescendo later this spring and summer, it will be too powerful for the market to ignore.”
Here’s a look at Idaho gas prices as of 4/10/23:
- Boise – $3.66
- Coeur d’Alene – $3.37
- Franklin – $3.72
- Idaho Falls – $3.31
- Lewiston – $3.31
- Pocatello – $3.43
- Rexburg – $3.35
- Twin Falls – $3.64