While Idaho’s average gas price increased by just one penny this week, regional price hikes are an indication that higher prices could be on the way.
According the American Automobile Association, the current average price for a gallon of regular in Idaho is $3.48 – just one cent more than a week ago, ten cents more than a month ago, and 11 cents less than a year ago. However, in southeastern Idaho pump prices in Franklin jumped six cents this week, while prices in Idaho Falls climbed by four cents.
Matthew Conde with AAA-Idaho says “some parts of Idaho are major jumping off points for popular tourist attractions like Yellowstone, Grand Teton, Jackson Hole, and Bear Lake. Price increases in those areas reflect that.” He added that “whether driving to or through Idaho, it could be another busy week for vehicle travel as families log plenty of miles to complete their vacations.”
According to the Energy Information Administration, U.S. gasoline supplies increased by 3 million barrels, while crude oil stocks fell by 4 million barrels. Refinery production remained high at 94% of operating capacity nationwide.
Another factor that has recently held gas prices in check is stable oil prices, which make up more than half of the price of finished gasoline. The West Texas Intermediate benchmark for crude is currently trading near $66 per barrel, the same as a week ago and $2 less than a month ago.
Motorists in Boise are paying the highest price in Idaho for a gallon of regular at $3.51 while Lewiston has the state’s lowest average price at $3.29.
