Idaho gas prices inch closer to $3

The following is a news release from AAA Idaho.

BOISE – Idaho gas prices moved closer to the $3 mark this week, with crude oil prices applying upward pressure on state and national pump prices.

According to AAA, Monday’s average price for a gallon of regular in the Gem State is $2.97, which is three cents more than a week ago and 18 cents more than a month ago. It’s still 23 cents cheaper than a year ago.

The national average currently sits at $2.94 per gallon – a penny more than a week ago and eight cents per gallon more than a month ago, but about 21 cents cheaper than a year ago. Idaho remains out of the top ten at 13th in the country for the most expensive fuel, with today’s highest prices in California at $4.63 per gallon and the lowest in Oklahoma at $2.34 per gallon.

Thirty-four of the 50 states saw price increases this week, with a massive price hike in Oregon and Washington of 22 cents and 18 cents respectively.

The West Texas Intermediate benchmark for crude oil is currently trading near $66 per barrel, which is $3 more than a week ago and about $6 more than a month ago. The cost of crude oil accounts for more than half of the price of finished gasoline. If crude prices rise, gas could follow.

“We’re seeing the beginning of the spring thaw from a pricing standpoint,” says AAA Idaho public affairs director Matthew Conde. “However, it’s been a nice run to begin the year, and our prices are still some of the lowest they’ve been in years. We’ll pocket the savings for as long as possible.”

Here’s a look at Idaho gas prices, as of Feb. 23:

Boise – $2.94
Coeur d’Alene – $2.95
Franklin – $2.74
Idaho Falls – $2.90
Lewiston – $2.98
Pocatello – $2.97
Rexburg – $2.95
Twin Falls – $2.96

For more information, visit the AAA Fuel Price Finder.