Idaho gas prices surge again

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

BOISE – Idaho drivers faced another week of rising gas prices. According to AAA, the average price for a gallon of regular in the Gem State is $4.57, which is eight cents more than a week ago, 27 cents more than a month ago, and $1.11 more than a year ago.

The national average currently sits at $4.08 per gallon, which is about two cents less than a week ago and a month ago, but 90 cents more per gallon than a year ago. Idaho jumps to 7th in the country for the most expensive fuel, joining 21 other states with higher pump prices this week.

Continued turmoil in the Middle East is a major contributor to higher crude oil prices, which is driving up the price of gasoline.

“Some folks are doing serious budget gymnastics to make ends meet,” says AAA Idaho public affairs director Matthew Conde. “Hopefully, there are calmer days and lower prices on the way this fall.”

The West Texas Intermediate benchmark for crude oil is currently trading near $85 per barrel – while that’s the same price as a month ago, crude had dipped to $75 in early-August. Monday’s price is about $20 per barrel more expensive than a year ago.

According to the Energy Information Administration, domestic crude supplies and gasoline stocks are 3.6 million barrels and 2.6 million barrels lower than a week ago, respectively. However, refineries operated for another week at about 97% of production capacity.

Here’s a look at Idaho gas prices as of August 31:

Boise – $4.56
Coeur d’Alene – $4.46
Franklin – $4.38
Idaho Falls – $4.49
Lewiston – $4.50
Pocatello – $4.55
Rexburg – $4.49
Twin Falls – $4.59