The price of gasoline in Idaho and across the country continues to drop.
According to the American Automobile Association, today’s average price for a gallon of regular in the Gem State is $3.11 – 12 cents less than a week ago and 21 cents less than a month ago.
The national average currently sits at $2.95 per gallon, with 36 states now at or below the $3 mark. Idaho currently ranks 11th in the U.S. for the most expensive fuel, falling out of the top ten for the first time in several months.
The West Texas Intermediate benchmark for crude oil is currently trading at $59 per barrel, which is about the same as a month ago and about $9 cheaper than a year ago. A lower cost of crude oil is a strong indicator that lower gas prices may be on the way.
According to the Energy Information Administration, gasoline supplies increased by five million barrels, while crude oil stocks increased by 600,000 barrels. Meanwhile, gasoline demand dropped by more than 100,000 barrels per day. Increased supply and lower demand may apply downward pressure on gas prices this week.
Of Idaho’s largest cities, Twin Falls has the state’s highest price for a gallon of regular at $3.18, while Coeur d’Alene has Idaho’s lowest price at $2.99. Lewiston’s average price for a gallon of regular is currently $3.02.
