Idaho gas prices on a downward trend, officials say

POCATELLO – Gas prices across Idaho have gone down 4.7 cents per gallon within the past week, the AAA reports, with a statewide average of $3.01 per gallon.

In Pocatello, gas prices have fallen under $3.00 per gallon with prices of $2.85 per gallon at Costco and $2.89 per gallon at Fred Meyer.

This is all due to the cost of oil which has gone down $21 since the beginning of October.

“Really it’s a story about supply and demand,” Patrick DeHaan, Head of Petroleum Analysis at GasBuddy says. “Supply, which was worrisome three weeks ago, is now looking better and the primary reason is that OPEC has increased production ahead of the sanctions on Iran.”

Gas prices still could decline over the next few weeks but could begin to increase once again closer to Christmas due to an increased price of oil if production is cut.

This article was first published by KPVI. It is used here with permission.