Idaho gas prices in a holding pattern — for now
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The following is a news release from AAA Idaho.
BOISE – Idaho gas prices barely moved this week, but AAA warns that instability in the Middle East could have a profound impact on crude oil and gas prices in the coming days.
AAA reports that Monday’s average price for a gallon of regular in the Gem State is $4.31, which is the
same as a week ago, but 26 cents more than a month ago and 99 cents more than a year ago.
The national average currently sits at $4.04 per gallon, which is about eight cents cheaper than a week ago, but 13 cents more than a month ago and 89 cents more than a year ago. Today, Idaho ranks eighth in the country for the most expensive fuel.
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“There have been glimmers of hope that peace talks will bring the Middle East conflict to a close, but they come and go on a daily basis,” says AAA Idaho public affairs director Matthew Conde. “Crude oil prices have soared to $112 per barrel and dropped to $82 per barrel within the past two weeks, which gives you some idea of the roller coaster ride we’ve been on.”
The West Texas Intermediate benchmark for crude is currently trading near $89 per barrel, about $1 more than a month ago and about $27 more per barrel than a year ago. Continued supply chain issues in the Strait of Hormuz are driving up the cost of crude.
“Twenty percent of the world’s crude normally passes through that strait, which is basically under lockdown at this time,” Conde said. “A lasting agreement could ease market fears and remove pricing pressure, but for now, there is tremendous uncertainty about how this will go.”
Here’s a look at Idaho gas prices as of April 20:
Boise – $4.34
Coeur d’Alene – $4.13
Franklin – $4.15
Idaho Falls – $4.29
Lewiston – $4.06
Pocatello – $4.33
Rexburg – $4.26
Twin Falls – $4.35