BOISE – Idaho gas prices got off to a turbulent start last week, jumping six cents in three days before leveling off over the weekend. While AAA predicts that prices will continue an upward trajectory ahead of Memorial Day, falling crude oil costs could calm things down this week.
Today, the average price for a gallon of regular in the Gem State is $3.64, which is six cents more than a week ago and five cents more than a month ago. Meanwhile, the national average currently sits at $3.67 per gallon, which is the same as a week ago and 23 cents more than a month ago. Idaho ranks 15th in the country for most expensive fill-ups.
“To end the week, gasoline demand fell nationwide, fuel supplies increased, the cost of crude oil dropped, and regional refineries increased production. Those factors helped rising gas prices tap the brakes over the past few days,” says AAA Idaho public affairs director Matthew Conde. “As Idaho comes out of a long winter hibernation, pump prices could climb in fits and starts, but hopefully there will be some quiet weeks in the mix as well.”
Today’s most expensive gasoline is in California ($4.90), Hawaii ($4.77), Arizona ($4.69), Washington ($4.58), and Nevada ($4.27). At $3.14 per gallon, the cheapest place to fill up is Mississippi.
According to the Energy Information Administration, gas demand dropped from 9 to 8.5 million barrels per day last week, and refineries in the Rockies region boosted production from 83% to nearly 91%. If demand remains low and production remains high, Idaho drivers could see little or no price movement this week, or perhaps even a slight decrease.
Amid market concerns that future interest rate hikes could tip the economy into a recession, the West Texas Intermediate benchmark for crude oil is currently trading near $79 per barrel, which is $2 less than a week ago but $10 more than a month ago. Because the cost of crude makes up more than half of the price of finished gasoline, any long-term dip in oil prices would apply downward pressure on gas prices.
Here’s a look at Idaho gas prices as of 4/24/23:
- Boise – $3.72
- Coeur d’Alene – $3.58
- Franklin – $3.68
- Idaho Falls – $3.42
- Lewiston – $3.55
- Pocatello – $3.51
- Rexburg – $3.51
- Twin Falls – $3.64