Idaho sees 4th largest gas price increase over the past week nationwide

The following is a news release from AAA Idaho.

BOISE — This week, Idaho drivers are paying more to fill up. The state average jumped four cents on the week as rising crude oil prices made fuel more expensive in all but five states.

Idaho’s increase was the 4th largest in the country, following Florida (+9 cents), Utah (+9 cents), and Nebraska (+5 cents). Most of Idaho’s finished gasoline products are refined in Utah.

But there’s good news – pump prices in the Gem State are still ten cents cheaper than the national average, and drivers here are paying 30 cents less per gallon than a year ago.

“Lately, the demand for fuel has ebbed and flowed with the rise and fall of COVID-19 infection rates and the deployment of vaccines. But surprisingly, this week’s substantial increase in demand had little impact on gas prices – the recent price bump is more related to what’s happening in the crude oil market,” says AAA Idaho public affairs director Matthew Conde. “However, if demand remains elevated, that could put additional upward pressure on gas prices in the coming weeks.”

According to the Energy Information Administration, gasoline demand jumped from 7.5 million barrels per day to 8.1 million on the week, which would normally send pump prices higher. But gasoline supplies only dipped slightly, which helped to offset the increased demand.

Today, the Idaho average for regular is $2.30, which is eight cents more than a month ago, but 30 cents less than a year ago. The national average currently sits at $2.40, which is 15 cents more than a month ago, but 13 cents less than a year ago.

West Texas Intermediate crude oil is currently trading at $52 per barrel, just two dollars cheaper than a year ago. If that margin continues to narrow, gas prices will climb. Crude oil accounts for 50 percent of the price of finished gasoline.

AAA encourages drivers to bundle trips and make sure tires are properly inflated to conserve fuel.

Here’s a selection of Idaho gas prices as of Jan. 25:

• Boise – $2.36
• Coeur d’Alene – $2.10
• Franklin – $2.20
• Idaho Falls – $2.20
• Lewiston – $2.37
• Pocatello – $2.28
• Twin Falls – $2.26