Gas now 45 cents more than a month ago, Idaho ranks 10th in country for most expensive fuel

The following is a news release from AAA Idaho.

IDAHO FALLS — Idaho drivers received more frustrating news as they filled up this week, with gas prices increasing by another nickel to hit an average of $3.04 per gallon.

According to AAA, that’s 45 cents more than a month ago, and 70 cents more than a year ago (when COVID-19 restrictions were imposed). The Gem State now ranks 10th in the country for most expensive fuel.

But there may be some good news on the horizon. This week, gas prices decreased or held steady in 45 states, and the U.S. average dropped two cents to $2.86 per gallon amid stabilizing crude oil prices and increased refinery production. If the trend continues, Idaho prices could follow suit.

“Rising pump prices have been a bitter pill for Idaho drivers to swallow, but it’s encouraging that the national average is cheaper week-over-week for the first time since November of last year,” says AAA Idaho spokesman Matthew Conde. “While it’s too early to know how strong the fuel demand will be this spring and summer, we’re hopeful that some of the supply-side issues are finally being resolved, which could relieve some of the upward pressure on gas prices.”

Today, the U.S. average is 14 cents more expensive than a month ago, and 84 cents more than a year ago. The gap in year-over-year gas prices will continue to widen in the coming weeks, with fuel demand plummeting in 2020 during the heart of the pandemic.

While fuel demand is currently on the rise and now sits at 8.6 million barrels per day, refinery production has increased to 82 percent capacity, helping to keep prices steady at the pump.

Crude oil prices fluctuated throughout the week in response to reports of potential European Union lockdowns and tight vaccination supplies in some areas, dipping as low as $58 per barrel at one point. West Texas Intermediate crude is now trading near $61 per barrel, the same as a month ago.

While a container ship blocked the Suez Canal for a few days, causing a temporary delay in crude oil deliveries in some parts of the world, the United States is unlikely to be affected.

Here’s a selection of Idaho gas prices as of March 29:

• Boise – $3.15
• Coeur d’Alene – $2.71
• Franklin – $3.19
• Idaho Falls – $2.98
• Lewiston – $2.83
• Pocatello – $3.05
• Twin Falls – $3.08