Idaho gas prices up 3 cents, may ‘teeter totter’ this week
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The following is a news release from AAA Idaho.
BOISE – This week, Idaho drivers saw a rise in the state’s average price of gasoline for the first time this year.
According to AAA, Monday’s average price for a gallon of regular in the Gem State is $2.92, which is three cents more than a week ago, but 16 cents less than a month ago and 75 cents cheaper than a year ago. The national average currently sits at $3.20 per gallon, which is five cents more than a week ago and 13 cents more than a month ago, but 22 cents cheaper than a year ago.
Idaho ranks 34th in the country for most expensive fuel. The Gem State’s average is typically 30-50 cents higher than the national average, but the reverse is true, as of Monday.
“Gasoline demand is rising, and inventories are shrinking, creating upward pressure on prices across the nation,” says AAA Idaho public affairs director Matthew Conde. “However, the effect has been somewhat dampened in our region by strong refinery production. Pump prices may wobble back and forth this week, but a trend of more expensive fill-ups is likely on the horizon.”
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According to the latest report by the Energy Information Administration, refineries across the country are operating at 82% of capacity, but production in the Rockies region shot up to nearly 91%. If production remains high, it could cushion the blow at Idaho pumps. But U.S. gasoline demand jumped by nearly 600,000 barrels per day, and stocks decreased by three million barrels.
The West Texas Intermediate benchmark for crude oil is trading near $77 per barrel, about $4 more than a week ago and a month ago, but $3 less than a year ago. More expensive crude inputs could push gas prices higher this week.
Here’s a look at Idaho gas prices, as of February 12:
Boise – $2.90
Coeur d’Alene – $3.05
Franklin – $2.85
Idaho Falls – $2.74
Lewiston – $3.14
Pocatello – $2.78
Rexburg – $2.81
Twin Falls – $2.82