The average price for a gallon of regular gasoline in Idaho jumped another 11 cents this week to $3.78 per gallon, which is 50 cents more than a month ago and 23 cents more than a year ago.
Meanwhile, the national average currently sits at $3.60 per gallon, which is six cents more than a week ago, 20 cents more than a month ago, and the same price as a year ago.
Idaho currently ranks 10th in the country for most expensive fuel.
According to the American Automobile Association, regional refineries in the mountain west are hovering near 80% of production capacity for the 3rd week in a row – about 9% below production in other parts of the country, and 7% below what the Rockies refineries were producing a year ago. Matthew Conde with AAA-Idaho says with the switch to summer-blend fuel, rising gasoline demand, and the higher cost of crude oil, everything points to more upward pressure on pump prices this week.
According to the Energy Information Administration, gasoline demand jumped by about 500,000 barrels to 9.2 million barrels per day this week, about the same as a year ago. At the same time, gasoline stocks also dropped by 4 million barrels.
The West Texas Intermediate benchmark for crude oil is currently trading near $86 per barrel, which is $2 more than a week ago, $8 more than a month ago, and $6 more than a year ago.
Ukrainian attacks on Russian crude infrastructure and tension in the Middle East are also contributing to higher crude prices, which in turn affect gas prices.
Motorists in Franklin are paying the highest average price for a gallon of gasoline in Idaho at $3.87, while Idaho Falls has the state’s lowest average price per gallon at $3.64. Lewiston’s average price is currently $3.84.
