Idaho gas prices slowly falling

The following is a news release from AAA Idaho.

BOISE – Idaho drivers eagerly anticipate the cheaper gas prices that usually arrive this time of year, but so far, we’re still playing the waiting game.

According to AAA, the average price for a gallon of regular in the Gem State is $4.14, a penny less than a week ago and a penny more than a month ago. Meanwhile, the national average currently sits at $3.85 per gallon, three cents less than a week ago but three cents more than a month ago.

Today, Idaho ranks 10th in the country for most expensive fuel behind California ($5.83), Nevada ($5.11), Washington ($5.03), Hawaii ($4.86), Oregon ($4.67), Arizona ($4.65), Alaska ($4.61), Utah ($4.22), and Montana ($4.19).

“Normally, we would expect prices at the pump to start dropping after Labor Day, so in this case, no news isn’t good news,” says AAA Idaho public affairs director Matthew Conde. “While the end of the summer driving season and the switch to winter-blend fuel typically apply downward pressure on gas prices, these forces are being held in check – at least for now – by expensive crude oil.”

The West Texas Intermediate benchmark for crude is still hovering near $90 per barrel, which is about $2 less than a week ago and $10 more than a month ago. Oil prices are fluctuating due to OPEC’s announcement that existing crude production cuts will remain in effect through the end of the year, coupled with market uncertainty over the possibility of an economic recession.

According to the most recent report by the Energy Information Administration, gas demand increased slightly, while gasoline stocks dipped slightly. If supplies remain tight and if the cost of crude oil remains high, pump prices may hold steady or even increase this week.

“As part of the switch to winter-blend fuel, regional refineries will have rolling shutdowns to complete inspections and perform seasonal maintenance,” Conde said. “With any luck, we’ll avoid a major repair that curbs refinery production and further impacts the supply chain.”

Here’s a look at Idaho gas prices, as of Sept. 25.

Boise – $4.16
Coeur d’Alene – $4.11
Franklin – $4.28
Idaho Falls – $4.03
Lewiston – $4.04
Pocatello – $4.17
Rexburg – $4.13
Twin Falls – $4.07