Raging wildfires, cheaper crude oil tame Idaho gas prices

The following is a news release from AAA Idaho.

BOISE – Devastating wildfires and plummeting crude oil prices are creating savings at the pump, even as fuel demand is rising.

According to AAA, Idaho’s average price for a gallon of regular gasoline is $3.57, which is two cents less than a week ago and a month ago, and 34 cents less than a year ago.

Meanwhile, the national average currently sits at $3.51 per gallon, which is a penny more than a week ago and a month ago, but 24 cents cheaper than a year ago. Today, the Gem State ranks 13th in the country for most expensive fuel.

“As wildfires sweep across the West, causing road closures and smoky conditions, it could be changing some people’s driving activity,” says AAA Idaho public affairs director Matthew Conde. “Fuel demand did increase for the week, but that may be tied to longer road trips that were already in the works – people are still taking that vacation to Disneyland or Las Vegas. But there may be some reluctance to make a spontaneous weekend getaway right now.”

According to the Energy Information Administration, gasoline demand jumped by nearly 700,000 barrels to 9.5 million barrels per day. Refineries across the country continue to operate at nearly 92% of capacity, with the Rockies region leading the way at 94%.

The West Texas Intermediate benchmark for crude oil is currently trading near $75 per barrel, which is about $5 less than a week ago, $6 less than a month ago, and $6 less than a year ago. Representatives from the Organization of the Petroleum Exporting Countries (OPEC) are expected to meet later this week to discuss current crude oil trends and to recommend next steps.

“Plenty of families want to be out and about through Labor Day, so if wildfire conditions improve, we could see a surge in late summer fuel demand that puts upward pressure on gas prices,” Conde said. “We’ll also be keeping an eye on hurricane season. But so far, so good.”

Here’s a look at Idaho gas prices, as of July 29:

Boise – $3.62
Coeur d’Alene – $3.43
Franklin – $3.48
Idaho Falls – $3.43
Lewiston – $3.49
Pocatello – $3.56
Rexburg – $3.53
Twin Falls – $3.59