BOISE – Idaho drivers are experiencing some turbulence at the pump, and the trend may continue this week. According to AAA, today’s average price for a gallon of regular in the Gem State is $3.63, which is six cents more than a week ago and three cents more than a month ago, but 38 cents cheaper than a year ago.
Meanwhile, the national average currently sits at $3.47 per gallon, which is four cents less than a week ago and a month ago, and 36 cents less than a year ago. With recent price movements, Idaho is now back in the top ten at 10th place for most expensive fuel in the country.
Prior to this week’s uptick, Gem State gas prices had been steadily falling since mid-April.
“We’ve already seen pump prices dip by two cents in the last couple of days, so it’s too early to tell if we’re going to see much in the way of increases this week,” says AAA Idaho public affairs director Matthew Conde. “We may see prices take a few twists and turns as travelers use the remaining weeks of summer for another road trip or two.”
According to the Energy Information Administration, gasoline demand slipped by 200,000 barrels per day, with a corresponding drop in production. Gasoline stocks decreased by four million barrels. Meanwhile, refinery production is at 90% of capacity nationwide, a nearly 2% decrease, while refineries in the Rockies region dropped production by more than 4% to 88.9% of capacity.
“Tight supplies can put upward pressure on gas prices. Across the country, refineries have seen production drop-offs for the past three weeks,” Conde said. “A surge in demand this week could put further stress on prices at the pump.”
The West Texas Intermediate benchmark for crude oil has also had a bumpy ride, rising and falling by $1-$3 per barrel for each of the past several days. Crude oil makes up more than half of the price of gasoline.
Here’s a look at Idaho gas prices as of 8/5/24:
- Boise – $3.68
- Coeur d’Alene – $3.46
- Franklin – $3.59
- Idaho Falls – $3.49
- Lewiston – $3.50
- Pocatello – $3.66
- Rexburg – $3.53
- Twin Falls – $3.65
