Gas prices continue to rise in Idaho.
According to AAA, regular gasoline is currently selling for around $3.93 in the Treasure Valley, and $3.90 in the Magic Valley. Both areas could hit the $4 mark as early as this week. Currently, Idaho’s average price is $3.79, which is five cents more than a week ago and 32 cents more than a month ago.
The national average currently sits at $3.18, which is just two cents more than a week ago and five cents more than a month ago. Idaho joins neighboring states Utah and Wyoming in skyrocketing gas prices, primarily as a result of strong fuel demand and tight supplies.
According to the Energy Information Administration’s latest report, the Rockies region’s gasoline stocks are currently under six million barrels, about 1.5 million barrels less than a year ago. As of yesterday, crude oil was trading near $71 per barrel, which is $4 less than a month ago, and $30 more than a year ago. While members of OPEC recently approved a modest increase in production (an additional 400,000 barrels per day beginning in August), it was well short of expectations.
If the price of crude remains high, it will continue to put upward pressure on gas prices. Currently the average price for gas in Lewiston is $3.48 per gallon. (AAA)
