BOISE – After a six-cent increase last week, gasoline prices in Idaho are calming down again.
According to AAA, today’s average price for a gallon of regular gasoline in the Gem State is $3.61, two cents less than a week ago, a penny less than a month ago and 45 cents less than a year ago.
The national average is currently $3.44 per gallon, which is three cents less than a week ago, ten cents less than a month ago and 40 cents less than a year ago. Idaho currently ranks ninth in the most expensive fuel in the country, behind Hawaii ($4.66), California ($4.60), Washington ($4.23), Nevada ($3.94), Illinois ($3.89), Oregon ($3.88), Alaska ($3.76) and the District of Columbia ($3.69).
Drivers in 35 states can expect lower gasoline prices at the start of the week.
“The price of crude oil has been a bit volatile lately, but domestic crude production recently hit a historic high of 13.4 million barrels per day, and there are rumors that some of OPEC’s production cuts will end on Oct. 1,” says Matthew Conde, public affairs director for AAA Idaho. “If the market believes it will be well supplied in the fall, that could help keep prices low at the pump.”
The benchmark price for West Texas Intermediate crude oil is currently at $79 a barrel, up $6 from a week ago, but $3 less than a month ago and $4 less than a year ago.
According to the Energy Information Administration, gasoline demand fell by 250,000 barrels per day last week to 9 million barrels, while gasoline production exceeded demand at 10 million barrels per day. Gasoline inventories also rose by 1.3 million barrels this week. U.S. refineries increased production to 90.5% of capacity, with refineries in the Rocky Mountains increasing to 94% of operating capacity from 89%.
Here’s a look at gas prices in Idaho as of 8/12/24:
- Boise – $3.65
- Coeur d’Alene – $3.44
- Franklin-$3.60
- Idaho Falls – $3.55
- Lewiston – $3.49
- Pocatello – $3.66
- Rexburg – $3.50
- Twin Falls – $3.63
For more information, visit https://gasprices.aaa.com/ and the AAA Fuel Price Finder.
