Idaho gas prices now $1 higher than a year ago
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The following is a news release from the American Automobile Association in Idaho.
BOISE – Idaho drivers face another week of rising gas prices. According to AAA, Monday’s average price for a gallon of regular gasoline is $4.49 – seven cents more than a week ago, 26 cents more than a month ago, and $1 more than a year ago.
The national average is $4.09 per gallon, which is a three-cent jump from a week ago and about 95 cents higher than a year ago. Despite rising gas prices in 17 of the 50 states this week, Idaho dropped one place to 8th in the nation for the most expensive fuel.
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“The Middle East conflict and continued fighting between Russia and Ukraine demonstrate how interconnected the global economy really is,” says AAA Idaho public affairs director Matthew Conde. “At this point, short-term relief in pump prices may have to come from lower fuel demand as the weather gets colder.”
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The West Texas Intermediate benchmark for crude oil is trading near $85 per barrel, which is about $20 more than a year ago. Crude oil costs make up about half of the price of finished gasoline.
“By mid-September, most refineries will be making the switch to winter-blend fuel. Yes, it’s cheaper to make than summer-blend, but it’s unclear how much this will benefit drivers at this time,” Conde said. “We will have to keep a watchful eye on the latest developments.”
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Drivers can reduce their fuel consumption by keeping tires inflated and removing unnecessary weight from their vehicles.
Here’s a look at Idaho gas prices as of August 24:
Boise – $4.49
Coeur d’Alene – $4.40
Franklin – $4.35
Idaho Falls – $4.37
Lewiston – $4.41
Pocatello – $4.41
Rexburg – $4.48
Twin Falls – $4.49