Idaho gas prices steady, despite Middle East tensions

The following is a news release from AAA Idaho.

BOISE – While initial fears stoked the crude oil market, the ongoing conflict between Israel and Iran has not significantly affected U.S. gas prices – at least, for now.

AAA reports that Idaho’s average price for a gallon of regular is $3.29 – about the same as a week ago and a month ago, but 29 cents less than a year ago. The national average currently sits at $3.14 per gallon, which is two cents more than a week ago, but a nickel less than a month ago and nearly 31 cents less than a year ago.

The Gem State currently ranks ninth in the nation for the most expensive fuel behind California ($4.65), Hawaii ($4.47), Washington ($4.37), Oregon ($3.99), Nevada ($3.80), Alaska ($3.65), Illinois ($3.44), and Pennsylvania ($3.30).

“There has been significant turmoil in the Middle East, and we haven’t seen the end of it. But so far, things haven’t escalated to the point where the crude oil supply chain has been significantly affected,” says AAA Idaho public affairs director Matthew Conde. “We were already beginning to see some price movement just based on demand, and we’ll see how things go this week.”

The West Texas Intermediate benchmark for crude oil is currently trading near $71 per barrel, about $9 more than a month ago and a year ago. The cost of crude oil makes up more than half of the price of finished gasoline. If crude prices remain elevated, pump prices could follow.

Here’s a look at Idaho gas prices as of June 16:

Boise – $3.19
Coeur d’Alene – $3.31
Franklin – $3.23
Idaho Falls – $3.24
Lewiston – $3.32
Pocatello – $3.29
Rexburg – $3.32
Twin Falls – $3.34