Idaho Sets New Record Gas and Diesel Prices

BOISE – Idaho′s gas and diesel prices set record marks over the weekend, according to AAA Idaho, pushing the average price for regular grade gasoline to $3.286 and diesel to $4.08 a gallon.

Based on AAA′s Daily Fuel Gauge Report (www.fuelgaugereport.com), Idaho′s average price for a gallon of regular grade gasoline is $3.286, two-tenths of a cent higher than a record mark set last May. Diesel prices hit $4.08 on Easter Sunday, also the latest in a string of record prices for the product this year.

Prices for crude oil fell more than $10 a barrel last week, after hitting a record $111.80 price on the New York Mercantile on Monday. That took some of the sting out of a national price spike in gasoline that has been taking place since mid-February. The U.S. average price for regular gasoline today is $3.26, down from the latest record price of 3.28, set just last week.

Idaho′s average price, which has not fallen below $3.00 this year, climbed to $3.285 on Easter Sunday, up one tenth of cent higher than a record set May 28 of last year. Today′s $3.286 mark is up another tenth of a cent.

Diesel averages $4.03 in the U.S. and $4.08 in Idaho down just slightly from record prices set in the past two days. Idaho′s average diesel price is .56 higher than a month ago and $1.20 more than a year ago.

“Maybe there′s a bubble somewhere in the commodities markets,” said AAA Idaho director of public and government affairs Dave Carlson.

Higher crude oil prices have driven prices this year. Analysts say this year′s price run-ups are less about shortages of crude oil and higher demand, and more about the investment dollars speculators are pouring into commodities, including oil, to address their concerns about a weak U.S. dollar.

The indications are that gasoline prices will continue to rise, most likely from now until mid to late May, AAA Idaho said.

Editor: An audio version of this news release is available on the AAA News Hotline. In Boise, call 342-9391. Outside Boise, call toll free, 1-800-999-9391. Ask for the AAA News Hotline. Gas price news archives are also posted at AAA.com.