The American Automobile Association is warning that as tensions flare in the Middle East, market insecurity is pushing crude oil prices higher, and the effects may soon be felt at the pump.
According to a news release from AAA, the West Texas Intermediate benchmark for crude oil is currently trading near $77 per barrel after remaining at or below the $70 mark for nearly a month. The cost of crude has soared in the past few days, with escalating conflicts between Iran and Israel a likely contributor to the surge.
Today’s price for a gallon of regular gasoline in Idaho is $3.46, which is three cents less than a week ago, 12 cents less than a month ago and 62 cents less than a year ago. Meanwhile, the national average currently sits at $3.17 per gallon, which is four cents less than a week ago, and 55 cents less than a year ago.
Matthew Conde with AAA-Idaho says “lower refinery activity, a drop in gasoline demand and a rise in crude inventories are typical this time of year, and pump prices have fallen since Labor Day. But the sudden reversal in crude oil is a shock to the system, and that if higher crude prices persist, Idahoans may be playing the waiting game for gas savings – and prices may even start heading in the opposite direction in the coming days.”
Motorists in Franklin are paying the highest average price per gallon for gasoline in Idaho at $3.53 while Coeur d’Alene has the state’s lowest price at $3.23. Lewiston’s average price per gallon is currently $3.37.
