As weather chills, gas prices follow

The following is a news release from AAA Idaho.

BOISE – Idaho gas prices resumed their slow descent this week. According to AAA, the average price for a gallon of regular dropped to $3.54, which is 3.5 cents cheaper than a week ago and a month ago, and 60 cents less than a year ago.

The national average currently sits at $3.21 per gallon, which is the same as a week ago, but 16 cents less than a month ago and 64 cents less than a year ago.

Today, Idaho ranks 7th in the country for most expensive fuel behind California ($4.74), Hawaii ($4.61), Washington ($4.11), Nevada ($3.97), Oregon ($3.71), and Alaska ($3.69).

“As the weather toggles back and forth, we may see gas prices fall in fits and starts,” says AAA Idaho public affairs director Matthew Conde. “But the overall trend has been relief for much of the year, and that should continue barring some unforeseen event.”

The West Texas Intermediate benchmark for crude oil is currently trading near $70 per barrel, which is the same as a week ago, but $5 less than a month ago and $9 less than a year ago.

The Energy Information Administration reports that gasoline demand increased to nearly 8.8 million barrels per day, about 300,000 b/d more than a week ago. But gasoline production hit 9.7 million barrels per day, outpacing demand. Refineries are currently producing at 92% of capacity nationwide, compared with 89.5% in the Rockies region – which was at 97.7% the previous week.

“It’s time for seasonal maintenance and the switch to winter-blend fuel. Refineries take turns going off-line to make the change and complete repairs,” Conde said. “Fingers crossed that all goes well.”

Here’s a look at Idaho gas prices, as of Sept. 23:

Boise – $3.56
Coeur d’Alene – $3.34
Franklin – $3.66
Idaho Falls – $3.50
Lewiston – $3.38
Pocatello – $3.58
Rexburg – $3.49
Twin Falls – $3.56