Experts now project that unlike a typical fall and winter, some parts of the country could see the highest pump prices of the year in the coming weeks.
OPEC sent shock waves through the market late last week when the group decided against an 800,000 barrel-per-day production increase for crude, opting instead for the 400,000-barrel bump that was previously agreed upon. Crude oil accounts for half the price of a fill-up.
In addition to the actions taken by OPEC, the market reacted to an announcement by the U.S. Department of Energy that the Biden Administration has no plans to ban crude exports or sell crude oil held in the U.S. Strategic Petroleum Reserve in order to put more supply into the domestic crude market. The price of oil climbed even though stock levels increased this week, and experts say if supplies tighten, prices could go even higher.
Idaho’s current average price of regular fuel is $3.72, which is a penny less than a week ago, six cents less than a month ago and $1.34 more than a year ago. Gem State motorists are paying the 6th-highest price for gasoline in the nation. Meanwhile, the U.S. average currently sits at $3.27, which is seven cents more than a week ago, nine cents more than a month ago, and $1.08 more than a year ago.
Boise has the highest average price for gas in the state at $3.84 per gallon. Lewiston has the state’s lowest average price at $3.36. (American Automobile Association)