Gem State gas prices have dropped 18 cents since the beginning of the year
BOISE – (January 29, 2019) – Although the national average has leveled off since the beginning of the year, Idaho gas prices have continued to slide, dropping 18 cents since January 1. The U.S. and Idaho average prices are now just thirteen cents apart, as supply continues to meet and exceed the current level of demand.
Today, the U.S. average price is $2.26, which is two cents less than a month ago and 33 cents less than a year ago. In the Gem State, the average price is $2.39, which is 19 cents less than a month ago and 18 cents less than a year ago. Idaho currently ranks #14 in the country for most expensive gas prices, but usually occupies a ranking between #7 and #9.
“Nationwide, gasoline stocks are at their highest level on record at 259 million barrels, partly due to severe winter weather in the Midwest and on the East Coast that has prevented some of the usual driving activity,” says Matthew Conde, public affairs director for AAA Idaho. “Barring an unforeseen change, pump prices should hold steady or even drop a little more throughout the week.”
Today, the West Texas Intermediate benchmark for crude oil is $52 per barrel, about six dollars higher than the beginning of the year. OPEC’s 1.2 million b/d production cuts and political instability in Venezuela could be applying upward pressure on oil prices.
Meanwhile, some of the recent political and economic upheaval has been offset by increased U.S. production. A couple of weeks ago, the United States set a new record, pumping 11.9 million barrels of crude oil per day. Last week, the U.S. also added ten oil rigs, bringing the total to 862 – 103 more than a year ago. If oil prices continue to climb, domestic production will likely expand, and that could keep some market forces in check for the short term. AAA and other groups will keep a close eye on market activity in the coming weeks.
In the Rockies region, gas prices fell last week in every state. Utah led the way with a five-cent decrease, following by Wyoming (-4 cents), Idaho (-3 cents), Montana (-3 cents) and Colorado (-3 cents). Today, Idaho, Utah and Wyoming prices are within a penny of each other. Gasoline stocks in the region were unchanged for the week at 7.2 million bbl.
“Idahoans may be a little jealous of Montana’s and Colorado’s gas prices ($2.25 and $2.06 per gallon), but we have it better than the drivers on the West Coast,” Conde said. “In Washington, Oregon, and California, they’re paying $2.91, $2.80, and $3.24 per gallon today.”
Generally, the Rockies region is one of the last to react to changes in the U.S. average, but if the national average starts to climb in coming weeks, Gem State prices will eventually follow suit. In the meantime, Idahoans will continue to celebrate the savings.
Here’s a look at gas prices across the Gem State: Albion, $2.61; American Falls, $2.41; Athol, $2.44; Bellevue, $2.52; Blackfoot, $2.37; Boise, $2.31; Bonners Ferry, $2.37; Burley, $2.49; Carey, $2.50; Cascade, $2.50; Chubbuck, $2.40; Coeur d’Alene, $2.26; Council, $2.56; Dalton Gardens, $2.24; Dover, $2.35; Driggs, $2.60; Emmett, $2.29; Franklin, $2.39; Fruitland, $2.41; Glenns Ferry, $2.32; Gooding, $2.39; Greenleaf, $2.36; Hailey, $2.54; Hayden, $2.24; Homedale, $2.36; Idaho Falls, $2.41; Island Park, $2.70; Kamiah, $2.26; Kellogg, $2.40; Kimberly, $2.57; Kooskia, $2.29; Lava Hot Springs, $2.50; Lewiston, $2.46; Malta, $2.55; Moscow, $2.64; Mountain Home, $2.27; New Meadows, $2.59; Notus, $2.36; Orofino, $2.36; Parma, $2.36; Pocatello, $2.45; Ponderay, $2.35; Rathdrum, $2.32; Rigby, $2.43; Saint Maries, $2.40; Shoshone, $2.40; Stanley, $2.90; Sugar City, $2.52; Teton, $2.51; Twin Falls, $2.45; Wallace, $2.40; Wendell, $2.37; Worley, $2.49.