Gas prices drop, but don’t celebrate just yet

The following is a news release from AAA Idaho.

BOISE – Gas prices fell this week, but with crude oil prices soaring Monday, are things looking good for future savings? In a word, no.

According to AAA, today’s average price for a gallon of regular gasoline in the Gem State is $4.61, which is six cents cheaper than a week ago, but 18 cents more than a month ago and $1.30 more than a year ago.

The national average currently sits at $4.32 per gallon, which is 18 cents less than a week ago and seven cents less than a month ago, but $1.18 per gallon more than a year ago. This week, Idaho also jumped back into the top 10 states for the most expensive fuel at ninth place.

“As long as geopolitical tensions continue in the Middle East, there will be ups and downs in the cost of crude oil, driving price uncertainty at the pump,” says AAA Idaho public affairs director Matthew Conde. “Without a lasting resolution to those issues, we face the prospect of a bumpy summer, to say nothing of how demand may rise and fall based on what oil and gas prices do.”

The West Texas Intermediate benchmark for crude is trading near $94 per barrel today – up $7 today and about $32 more than a year ago.

“We don’t have any indication that people won’t travel, but you’ll need to have a different mentality when you’re budgeting for that summer getaway or family reunion,” Conde said.

Here’s a look at Idaho gas prices as of June 1:

Boise – $4.54
Coeur d’Alene – $4.50
Franklin – $4.67
Idaho Falls – $4.51
Lewiston – $4.51
Pocatello – $4.61
Rexburg – $4.62
Twin Falls – $4.68