Idaho gas prices inch lower as oil fears subside

The following is a news release from AAA Idaho.

BOISE – Idaho drivers continue to see savings at the pump this week, despite hurricane activity raising the national average.

According to AAA, today’s average price for a gallon of regular in the Gem State is $3.44, which is two cents less than a week ago, 14 cents less than a month ago and 56 cents less than a year ago.

The national average currently sits at $3.20 per gallon, which is three cents more than a week ago, but two cents less than a month ago and 42 cents less than a year ago. This week, Idaho ranks 9th in the country for most expensive fuel.

“With hurricane uncertainty, we saw strong regional demand – people topped off their gas tanks to brace for potential shortages,” says AAA Idaho public affairs director Matthew Conde. “Most of the supply chain issues are being resolved, and the seasonal drop in U.S. pump prices could resume soon.”

According to the Energy Information Administration, gasoline demand surged by more than a million barrels per day to 9.65 million b/d, likely the result of topping off and possible panic buying.

The EIA further reported that U.S. refinery production dropped to 86.7% of capacity – about 1% lower than a week ago – while Rockies refineries held steady at 87.7% of capacity.

“Gasoline stock levels fell, but production is still going strong, which should add some stability at the pump,” Conde said. “We’re hoping things will stay calm as we make our way through Halloween and election season.”

AAA encourages drivers to use rewards points from grocery stores on gasoline discounts, and to ensure that tires are properly inflated to help improve fuel economy.

The West Texas Intermediate benchmark for crude oil is currently trading near $75 per barrel, $2 less than a week ago, $6 more than a month ago, but $12 less than a year ago.

Last week, crude oil spiked by $7 per barrel amid concerns that Israel would respond to Iran’s recent missile attack by targeting that country’s oil production and refineries. Israel has not yet responded. While market fears are beginning to ease, any escalation of Middle East hostilities may have an adverse effect on crude prices.

Here’s a look at Idaho gas prices, as of Oct. 14:

Boise – $3.47
Coeur d’Alene – $3.22
Franklin – $3.49
Idaho Falls – $3.30
Lewiston – $3.37
Pocatello – $3.46
Rexburg – $3.46
Twin Falls – $3.42