Idaho gas prices hold steady

The following is a news release from AAA Idaho.

IDAHO FALLS — Idaho drivers saw little or no change at the pumps this week.

According to AAA, the Gem State’s average price for regular gasoline held steady over the last seven days, as did the national average.

While gasoline supplies fell this week, they were accompanied by a corresponding drop in demand, which kept prices stable.

Idaho’s average price for regular is $3.82, which is 18 cents more than a month ago and $1.39 more than a year ago. Meanwhile, the U.S. average currently sits at $3.19, which is three cents more than a month ago and $1.01 more than a year ago. Right now, Idaho ranks 6th in the country for most expensive fuel. In an unusual turn of events, both Utah and Idaho pump prices are currently more expensive than in Oregon.

“With the start of the school year and concerns about the rising number of COVID-19 infections, gas prices could start to settle down sometime after Labor Day. But for now, market uncertainty is likely to create some twists and turns,” says AAA Idaho spokesman Matthew Conde. “The only positive note is that things have been pretty quiet for the last couple of weeks, giving Idahoans at least a short reprieve from nearly constant price hikes.”

According to the Energy Information Administration, gasoline supplies fell by 1.3 million barrels nationwide last week. But fuel demand also dropped to 9.4 million barrels per day over the same time period – about 500,000 barrels per day less than in 2019.

The high cost of crude oil continues to make fill-ups an expensive proposition. The West Texas Intermediate is currently trading for about $67 per barrel. Prices are slowly decreasing amid concerns that global crude demand may not rebound this year as anticipated. If COVID-19 infection rates remain high, the price of crude could slide even further this week.

Here’s a selection of Idaho gas prices as of Aug. 16:

• Boise – $3.93
• Coeur d’Alene – $3.47
• Franklin – $3.86
• Idaho Falls – $3.78
• Lewiston – $3.49
• Pocatello – $3.84
• Twin Falls – $3.90