Idaho gas prices fall another eight cents

According to the news release, Idaho now ranks 10th in the nation for most expensive gas, with states like Hawaii and California topping the list at $4.57 and $4.52 per gallon, respectively. Despite Idaho’s position in the top 10, the state’s average is 59 cents lower than a year ago, according to the news release.

“Prices have been in our favor most of the year, and they’re getting even better,” AAA Idaho public affairs director Matthew Conde said. “Rexburg drivers are saving a shocking 28 cents per gallon from a week ago, nine cents in Idaho Falls, seven cents in Twin Falls, and ten cents in the Treasure Valley. As cooler weather chills driving activity, we hope for even more savings this week.”

Lower crude oil prices and decreased demand are contributing to these declines. According to the news release, the West Texas Intermediate benchmark for crude oil is currently trading near $68 per barrel, down $3 from last week and $9 from last year. Additionally, the Energy Information Administration reports a reduction in gasoline demand by 300,000 barrels per day, while U.S. refineries are operating at 90.5% capacity, helping to stabilize prices.

It’s too early to tell whether last Tuesday’s election results have impacted gas prices in the Gem State.

“I think we’re looking at more of a seasonal effect right now,” Conde said. “A perfect storm of falling demand, productive refineries and cheaper crude oil. At some point, changes in energy policy could cause a reaction in the market, but it’s too early to tell.”