Idaho gas prices take another tumble

The following is a news release from the American Automobile Association in Idaho.

BOISE – Idaho drivers have a little more to smile about this week, with the state’s average gas price falling 15 cents to $4.52 per gallon. That’s 44 cents less than a month ago, but $1.17 more than a year ago.

Meanwhile, the national average is at $4.16, which is 12 cents less than a week ago and 23 cents less than a month ago, but $1.13 more than a year ago. As of Monday, Idaho ranks 9th in the country for the most expensive gas. Forty-seven states saw price drops this week.

“Winter-blend fuel is cheaper to make, and that has helped prices fall, as has a slight dip in fuel demand,” says AAA Idaho public affairs director Matthew Conde. “But geopolitical tensions remain, and crude oil is still hovering near $100 per barrel – a far cry from the $60 range of a year ago.”

AAA says that ongoing conflict – and threat of conflict – is causing the crude oil futures market to hedge with higher prices – sometimes called a “war premium.” If refineries and wholesalers continue to pay an astronomical fee for oil, the effects will be felt at the pump.

“Double-digit gas price drops in the past couple of weeks have made filling up a little easier on the budget,” Conde said. “But crude is extremely expensive, and until something changes on that front, there may only be so much wiggle room before prices level off again.”

Here’s a look at Idaho gas prices as of Nov. 2:

Boise – $4.59
Coeur d’Alene – $4.15
Franklin – $4.55
Idaho Falls – $4.44
Lewiston – $4.30
Pocatello – $4.43
Rexburg – $4.57
Twin Falls – $4.54