Gas prices shoot up another 17 cents statewide, some areas seeing over $3 a gallon

The following is a news release from AAA Idaho.

IDAHO FALLS — $3-per-gallon gas has arrived in the Treasure Valley, and the state average is likely to follow. According to AAA, Idaho gas prices shot up another 17 cents in the last week – the 2nd highest jump next to Utah, where prices are up by a quarter.

Gem State drivers are paying an average of $2.89 per gallon Monday, which is 45 cents more than a month ago and 35 cents more than a year ago, when demand plummeted in the early stages of the pandemic. The current U.S. average is $2.86, which is 35 cents more than a month ago and 59 cents more than a year ago. This week, 20 states experienced double-digit price jumps.

Reports of diminishing gasoline stocks and growing fuel demand pushed the price of gasoline higher this week, and soon, the country will also make the switch to summer-blend fuel, which is more expensive to produce.

“We hope life will start getting back to normal sometime this spring or summer, and rising temperatures are certainly enough to put a smile on anyone’s face, but the feeling fades when we stop to fill up,” says AAA Idaho spokesman Matthew Conde. “We believe that the state average price for regular could top $3 per gallon in the next couple of weeks.”

According to the Energy Information Administration, gasoline stocks dropped by nearly 12 million barrels this week, and fuel demand currently sits at 8.7 million barrels per day. That’s the highest level since the end of November 2020, which coincided with a modest amount of Thanksgiving travel. With Spring Break fast approaching, many Americans will start taking road trips to areas that are in the various phases of re-opening, which could push the demand for fuel even higher.

Meanwhile, crude oil prices showed signs of stability, hovering between $64 and $66 per barrel throughout the week. If the price of crude holds steady and refinery production ramps up, gas price increases in April could be less severe than they’ve been in March.

Here’s a selection of Idaho gas prices as of March 15:

• Boise – $3.01
• Coeur d’Alene – $2.69
• Franklin – $2.97
• Idaho Falls – $2.78
• Lewiston – $2.73
• Pocatello – $2.88
• Twin Falls – $2.82