Idaho gas prices drop two cents, crude oil at lowest price since June

The following is a news release from AAA Idaho.

BOISE — According to AAA, crude oil recently tumbled to its lowest price since June, with the West Texas Intermediate closing at $35 per barrel on Friday. That’s nearly $20 per barrel cheaper than a year ago. A growing number of coronavirus cases worldwide has prompted countries to initiate lockdown procedures, reducing travel and fuel demand in the process.

“The U.S. average price for regular gasoline has not been this cheap at the start of November since 2004,” says AAA Idaho spokesman Matthew Conde. “Fuel demand has had a lot of peaks and valleys in recent weeks, but overall, domestic crude and gasoline stocks are still very strong. If current trends continue, the national average could drop under $2 per gallon before the end of the year, and the Idaho average could land somewhere between $2.15 and $2.20 per gallon.”

Today, Idaho drivers are paying an average of $2.32 per gallon, which is nine cents less than a month ago and 63 cents cheaper than a year ago. Meanwhile, the U.S. average is $2.13, which is six cents less than a month ago and 48 cents less than a year ago. With the exception of South Dakota,every state in the Union saw fuel prices stay or drop below where they were a week ago.

Gem State drivers had mixed experiences at the pump this week. While motorists in the Panhandle saw prices hold mostly steady, drivers in the Treasure Valley enjoyed a savings of four cents. Idaho Falls prices were down three cents, while Pocatello and Twin Falls prices matched the state average by dropping two cents.

U.S. fuel demand, which has been limited at times by health and safety restrictions, increased from 8.2 million barrels per day to 8.5 million last week, and could continue to fluctuate in coming weeks.

But the gasoline supply only dipped slightly, and crude oil supplies increased by 4.3 million barrels, helping keep prices in check. Crude oil prices represent 50 percent of the cost of finished gasoline.

Here’s a selection of Idaho gas prices as of Nov. 2:

• Boise – $2.29
• Coeur d’Alene – $2.18
• Franklin – $2.39
• Idaho Falls – $2.25
• Lewiston – $2.37
• Pocatello – $2.33
• Twin Falls – $2.38