Gas prices drop slightly but Idaho ranks 8th most expensive state for fuel
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The following is a news release from AAA Idaho.
IDAHO FALLS — Despite rising gasoline demand as more than 109 million Americans, including 593,000 Idahoans, prepare for a holiday getaway, market uncertainty surrounding the COVID-19 omicron variant is tamping down the price of crude oil and causing gas prices to fall in the run-up to Christmas.
Idaho’s average price for regular is $3.61 per gallon, which is a penny less than a week ago, eight cents less than a month ago and $1.39 more than a year ago. The national average currently sits at $3.30, which is two cents less than a week ago, 11 cents less than a month ago and $1.08 more than a year ago. The Gem State ranks 8th in the country for most expensive fuel.
U.S. gasoline demand recently jumped to 9.5 million barrels per day – a five percent increase in the last week – with even more demand expected over the holidays. Crude oil stocks are 14% below last year’s levels. Normally, both factors would put upward pressure on gas prices. But uncertainty about the future demand for crude has lowered its price, along with prices at the pump.
“None of us are thrilled when we stop to fill up these days, but at least the lower prices make it possible for more families to take a holiday vacation,” says AAA Idaho spokesman Matthew Conde “Depending on the impact of the omicron variant, the prices of crude oil and gas may teeter-totter through the end of the year.”
Here’s a seven-year retrospective on Christmas Day gas prices: