As tensions build across the Middle East, the influence is beginning to push gasoline prices higher both nationally and in Idaho.
According to the American Automobile Association, the current average price for a gallon of regular in Idaho is $3.38, which is nine cents more than a week ago and seven cents more than a month ago, but about 19 cents less than a year ago.
The national average currently sits at $3.22, which is eight cents more than a week ago and two cents more than a month ago, but 23 cents cheaper than a year ago.
Idaho currently ranks 8th in the U.S. for the most expensive fuel.
AAA-Idaho’s Mathew Conde says “we’re still faring better than a year ago, but the margin is shrinking.” “Any time geopolitical tensions make the market jumpy, we risk seeing higher prices for crude oil. Add in the beginning of summer travel, and you’re looking at a one-two punch that is driving prices higher at the pump.”
The West Texas Intermediate benchmark for crude oil is currently trading near $70 per barrel, about $8 more than a month ago. Today, prices are easing slightly after approaching $74 per barrel late last week, but if the cost of crude climbs due to global supply chain issues or heightened conflicts in the Middle East, gas prices could follow suit.
Of Idaho’s largest cities, Coeur d’Alene has the state’s highest average price for a gallon of regular gas at $3.43, while Franklin has the state’s lowest average price per gallon at $3.23. Lewiston’s average price is currently $3.40.
