April showers, stormy gas prices
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The following is a news release from AAA Idaho.
BOISE – Idaho drivers continue to face soaring prices at the pump. According to AAA, Monday’s average price for a gallon of regular gas in the Gem State is $4.31, which is about six cents more than a week ago, 71 cents more than a month ago and 97 cents more than a year ago.
The national average currently sits at $4.12 per gallon, which is about a penny more than a week ago, 52 cents more than a month ago, and 94 cents more than a year ago. Idaho ranks 9th in the U.S. for the most expensive fuel, with California near the $6 mark at an average price of $5.89.
“Continued unrest in the Middle East sends shockwaves through the crude oil market, which applies upward pressure on the cost of crude and, in turn, gas prices,” says AAA Idaho public affairs director Matthew Conde. “If a lasting resolution to the conflict can be achieved in the next couple of weeks, it may have a calming effect at the pump.”
RELATED | Behind the ceasefire: The global oil battle driving gas prices
The West Texas Intermediate benchmark for crude oil dropped by nearly $18 per barrel amid news of a ceasefire and a potential framework for further negotiations between the United States and Iran. But conditions in the Strait of Hormuz are highly unstable, with reports of Iranian restriction of shipping and the response in the form of a U.S. naval blockade.
“While political views may vary dramatically, there is an undeniable economic impact. Any time you take 20% of the global supply out of the equation, prices are going to climb,” Conde said. “As much as we would like cheaper gas prices soon, we could be in for a wait.”
Here’s a look at Idaho gas prices as of April 13:
Boise – $4.35
Coeur d’Alene – $4.11
Franklin – $4.22
Idaho Falls – $4.27
Lewiston – $4.03
Pocatello – $4.32
Rexburg – $4.25
Twin Falls – $4.37