Ouch! Idaho gas prices soar by 16 cents in a week
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The following is a news release from AAA Idaho.
BOISE – On January 15, Idaho gas prices dropped below the national average, where they’ve remained for more than two months. That could change in the next couple of days.
According to AAA, today’s average price for a gallon of regular in the Gem State is $3.51, which is 16 cents higher than a week ago and 42 cents higher than a month ago, but nine cents less than a year ago. Meanwhile, the national average currently sits at $3.53 per gallon, which is nine cents more than a week ago, 26 cents more than a month ago, and nine cents more than a year ago.
Despite soaring prices, Idaho ranks 16th in the country for most expensive fuel, one spot higher than about a week ago. But the Gem State’s 16-cent jump on the week was the sixth highest behind Utah (+22 cents), Illinois (+22 cents), Ohio (+19 cents), Alaska (+17 cents) and Nebraska (+17 cents).
“Skyrocketing prices in Utah, where most of our state’s gasoline originates, have a profound impact on what’s happening in Idaho,” says AAA Idaho public affairs director Matthew Conde. “While U.S. fuel demand actually slipped a bit this week, supply-side activity has pushed pump prices higher.”
According to the Energy Information Administration, gasoline and crude oil stocks decreased by three million barrels and two million barrels this week, respectively. Regional refineries are operating at 81%, compared with an average of nearly 88% in other parts of the U.S.
The West Texas Intermediate benchmark for crude oil is currently trading near $81 per barrel, the same as a week ago, $3 more than a month ago, and $11 more than a year ago. Elevated crude costs, which topped $83 earlier in the week, are applying upward pressure on gas prices.
Here’s a look at Idaho gas prices as of March 22, with changes from a week ago:
Boise – $3.52 (+15 cents)
Coeur d’Alene – $3.62 (+16 cents)
Franklin – $3.51 (+16 cents)
Idaho Falls – $3.37 (+21 cents)
Lewiston – $3.63 (+21 cents)
Pocatello – $3.40 (+12 cents)
Rexburg – $3.38 (+17 cents)
Twin Falls – $3.45 (14 cents)
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