Idaho gas prices drop slightly from a week ago

The following is a news release from AAA Idaho.

BOISE — After a six-cent jump last week, Idaho gas prices are once again beginning to calm down.

According to AAA, today’s average price for a gallon of regular in the Gem State is $3.61, which is two cents less than a week ago, a penny less than a month ago, and 45 cents less than a year ago.

The national average currently sits at $3.44 per gallon, which is three cents less than a week ago, ten cents less than a month ago, and 40 cents less than a year ago. Idaho currently ranks 9th in the country for most expensive fuel behind Hawaii ($4.66), California ($4.60), Washington ($4.23), Nevada ($3.94), Illinois ($3.89), Oregon ($3.88), Alaska ($3.76), and the District of Columbia ($3.69).

Drivers in 35 states are seeing lower gas prices to begin the week.

“The cost of crude oil is somewhat skittish lately, but domestic crude production recently hit an all-time high of 13.4 million barrels per day, and there are rumors that some of OPEC’s production cuts will end on October 1,” says AAA Idaho public affairs director Matthew Conde. “If the market believes that it will be well-supplied heading into the Fall, that could help keep pump prices down.”

The West Texas Intermediate benchmark for crude oil is currently trading at $79 per barrel, which is $6 more than a week ago, but $3 less than a month ago and $4 less than a year ago.

According to the Energy Information Administration, gasoline demand dipped by 250,000 barrels per day to 9 million b/d last week, while gasoline production outpaced demand at 10 million b/d.

Gasoline stocks also increased by 1.3 million barrels this week. U.S. refineries increased production to 90.5% of capacity, with the Rockies refineries soaring from 89% to 94% of operating capacity.

Here’s a look at Idaho gas prices as of Monday:

Boise – $3.65
Coeur d’Alene – $3.44
Franklin – $3.60
Idaho Falls – $3.55
Lewiston – $3.49
Pocatello – $3.66
Rexburg – $3.50
Twin Falls – $3.63