BOISE – It’s been a quiet week at the pump, giving Idaho drivers a reprieve from the more expensive gas prices on the horizon.
According to AAA, the average price for a gallon of regular in the Gem State is $3.98, about half a penny cheaper than a week ago but 23 cents more than a month ago. The national average currently sits at $3.58, a penny less than a week ago and just three cents more than a month ago.
Today, Idaho ranks 10th in the country for most expensive fuel behind Washington ($4.91), California ($4.87), Hawaii ($4.73), Oregon ($4.56), Nevada ($4.27), Arizona ($4.14), Alaska ($4.08), Utah ($4.04), and Illinois ($4.02).
“Yes, gas prices are calm right now, but it’s more like the quiet part of the movie before the ‘Jaws’ theme starts playing,” says AAA Idaho public affairs director Matthew Conde. “We anticipate a busy summer travel season, and with gas prices much lower than they were a year ago, more people will take advantage of a road trip or a family get-together. The lull in fuel demand that we’re currently seeing is likely temporary.”
According to the Energy Information Administration, gasoline demand decreased slightly from 9.22 to 9.19 million barrels per day last week, while gasoline stocks increased by 2 million barrels. That, combined with steady crude oil prices, has held gasoline prices in check this week.
“Pump prices in Utah have dropped by ten cents per gallon in the last week, which is great news, since most of our gas comes from the Beehive State,” Conde said. “We’ll keep our fingers crossed that we get another week of calm before things start ramping up ahead of Independence Day.”
The West Texas Intermediate benchmark for crude oil is currently trading near $70 per barrel, about $1 more than a week ago and $2 less than a month ago. Threats of a global recession and other economic fears have alleviated upward pressure on crude prices, which make up more than half of the price of finished gasoline.
On average, Idaho drivers are saving $23 for 20 gallons of regular gasoline when compared to a year ago. But AAA urges drivers to save even more by grouping errands, avoiding stop-and-go traffic, and maximizing fuel rewards points at grocery stores and other retailers.
“Regional refineries are cranking along pretty well right now, but our gasoline supplies in the area are still about 1.5 million barrels below their customary level,” Conde said. “Our hope is that refineries will keep pace with rising demand and eventually replenish our regional gasoline stocks.”
Here’s a look at Idaho gas prices as of 6/20/23:
- Boise – $3.95
- Coeur d’Alene – $4.04
- Franklin – $4.12
- Idaho Falls – $3.88
- Lewiston – $4.05
- Pocatello – $3.97
- Rexburg – $3.96
- Twin Falls – $3.92