Idaho gas prices dip while crude oil plummets

The following is a news release from AAA Idaho.

BOISE – As the cost of crude oil falls to levels not seen since February of 2021, Idaho gas prices continue to inch lower this week.

According to AAA, Monday’s average price for a gallon of regular in the Gem State is $3.29, about a penny less than a week ago, eight cents less than a month ago, and 60 cents less than a year ago.

The national average currently sits at $3.16 per gallon, which is about two cents higher than a week ago, but 10 cents less than a month ago and nearly 50 cents less than a year ago. Idaho remains in 10th place this week for the most expensive fuel, with the highest price being paid in California ($4.78) and Monday’s cheapest price in Mississippi ($2.65).

“Significant drops in the cost of crude oil are keeping pump prices in check, but fuel demand is expected to surge as we approach the Memorial Day weekend,” says AAA Idaho public affairs director Matthew Conde. “We’ll happily save what we can for as long as we can.”

The West Texas Intermediate benchmark for crude oil is currently trading near $57 per barrel. Crude oil makes up more than half of the price of finished gasoline, and a sustained drop in crude prices could translate to additional savings at the pump this week.

“We always remind people to do their homework on fuel rewards points, whether it’s for buying groceries at a particular retailer or as an incentive on a particular credit card,” Conde said. “Those discounts can make a big difference in the weekly travel budget.”

Here’s a look at Idaho gas prices, as of May 5:

Boise – $3.23
Coeur d’Alene – $3.30
Franklin – $3.27
Idaho Falls – $3.25
Lewiston – $3.35
Pocatello – $3.24
Rexburg – $3.29
Twin Falls – $3.33