Idaho gas prices hit the brakes, but could reach $3 mark in days
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The following is a news release from AAA Idaho.
BOISE – Idaho drivers had a week to catch their breath, with the state average gas price unchanged from a week ago. But the escalation of conflict in Iran over the weekend could pressure gas prices to top the $3 mark in the coming days.
“On one hand, the crude oil market had time to account for some financial risk in the Middle East as forces mobilized, but a supply shortage somewhere affects the global picture,” says AAA Idaho public affairs director Matthew Conde. “If tankers can’t move products through the region, there could be ripple effects.”
While the United States does not import oil from Iran, China and India do.
According to AAA, Monday’s average price for a gallon of regular in the Gem State is $2.97, which is 12 cents more than a month ago but 20 cents less than a year ago. The national average currently sits at $2.997 per gallon, which is six cents more than a week ago and 12 cents more than a month ago, but 10 cents cheaper than a year ago.
Idaho ranks 14th in the nation for the most expensive fuel, with some regional neighbors paying more and others paying less:
The West Texas Intermediate benchmark for crude oil is currently trading near $71 per barrel after spiking to $74 in futures trading over the weekend. Higher crude oil prices could apply upward pressure on gas prices in the coming days and weeks.
“We’ll also start seeing refineries producing the more-expensive summer-blend fuel in the coming weeks,” Conde said. “However way you slice it, higher pump prices are likely on the horizon.”
Here’s a look at Idaho gas prices as of March 2:
Boise – $2.93
Coeur d’Alene – $3.00
Franklin – $2.74
Idaho Falls – $2.87
Lewiston – $3.07
Pocatello – $2.97
Rexburg – $2.94
Twin Falls – $2.96