Idaho gas prices drop another 9 cents this week

The following is a news release from AAA Idaho.

BOISE – A popular Christmas song refers to this season as the most wonderful time of the year, and Idaho drivers may join in the chorus the next time they stop to fill up.

According to AAA, the average price for a gallon of regular gasoline in the Gem State is $3.55, which is nine cents less than a week ago, 29 cents less than a month ago, and 40 cents less than a year ago. Meanwhile, the national average currently sits at $3.24 per gallon, which is just a penny less than a week ago, 19 cents less than a month ago, and 18 cents less than a year ago.

Idaho currently ranks 8th in the country for most expensive fuel behind California ($4.80), Hawaii ($4.70), Washington ($4.33), Nevada ($4.11), Oregon ($3.99), Alaska ($3.89), and Pennsylvania ($3.56). Montana and Utah, which supply most of Idaho’s finished gasoline, currently rank 23rd and 30th at $3.16 and $3.07 per gallon respectively.

“Utah and Montana usually rank in the top ten to fifteen for highest gas prices along with Idaho, so it bodes well for us that they’re much cheaper right now,” says AAA Idaho public affairs director Matthew Conde. “Hopefully, our state will keep moving in that direction, bringing pump prices to their lowest level for the year in coming weeks.”

So far, Idaho’s cheapest average for regular gas this year was $3.37 per gallon on January 16.

The Organization of the Petroleum Exporting Countries (OPEC) recently announced plans to maintain and possibly deepen crude oil production cuts, but with cuts being considered voluntary, some nations may be reluctant to comply. After a brief uptick of $2-$3 late last week, the West Texas Intermediate benchmark for crude is trading near $74 today, which is $1 less than a week ago, $7 less than a month ago, and $3 less than a year ago.

“If fuel demand picks up, or if crude prices rise dramatically, we could see a reversal on prices at the pump,” Conde said. “The national average only falling by a penny this week is a little concerning, as things will stall out sooner or later in Idaho if that becomes a trend. But for now, fuel demand is dropping, stock levels are building, and refineries are consistently producing, so fingers crossed that prices keep dropping to help out our holiday shopping and travel plans.”

According to the most recent report by the Energy Information Administration, gas demand decreased by nearly 300,000 barrels per day last week, and total domestic supplies increased by nearly two million barrels.

Here’s a look at Idaho gas prices, as of Dec. 4:

Boise – $3.54
Coeur d’Alene – $3.68
Franklin – $3.11
Idaho Falls – $3.50
Lewiston – $3.80
Pocatello – $3.32
Rexburg – $3.54
Twin Falls – $3.50