Gas prices in Idaho on the rise
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The following is a news release from AAA Idaho.
BOISE — Despite low fuel demand, gas prices are ticking up due to the rising price of crude oil. This week, drivers in every state, including Idaho, paid more to fill up, with 14 states jumping by seven cents or more.
Recent gas price activity marks the first substantial increase in the month of January since 2009.
Then, as now, oil prices were increasing significantly. No state is selling fuel below $2 per gallon.
“There was a slight dip in crude oil prices to end the week, partly based on market concern that the rising number of COVID-19 cases could lead to further restrictions and even less fuel demand. But the overall trend is that of rising crude oil prices, and that’s been enough to keep pump prices climbing even with demand being down,” says AAA Idaho spokesman Matthew Conde. “We expect crude oil and petroleum prices to continue to be very reactionary to the number of new infections, and the successful deployment of the vaccine, in the weeks ahead.”
Today, Idaho drivers are paying an average of $2.27 for regular, which is three cents more than a month ago but 34 cents cheaper than a year ago. The Gem State ranks 5 th in the country for the largest year-over-year savings. The national average currently sits at $2.39, which is 17 cents more than a month ago, but 16 cents less than a year ago.
“Prices are going up everywhere, and Idaho is no exception,” Conde said. “But we remain well below the national average, and that’s a rare position for our state to be in, so we’ll take it.”
West Texas Intermediate crude oil is currently trading at $53 per barrel. That’s four dollars more expensive than a month ago, but five dollars cheaper than a year ago.
On a positive note, relatively low fuel demand of 7.5 million barrels per day resulted in a 4.4 million-barrel addition to gasoline stocks this week, raising inventories to 245 million barrels. That could help offset a slight increase in demand, were one to occur this week.
Here’s a selection of Idaho gas prices as of Jan. 19:
- Boise – $2.31
- Coeur d’Alene – $2.10
- Franklin – $2.19
- Idaho Falls – $2.17
- Lewiston – $2.25
- Pocatello – $2.25
- Twin Falls – $2.25