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Cost of Crude Oil Dips Slightly, U.S. and Idaho Gas Prices Follow

AAA

BOISE – Recently-announced plans to release crude oil from the Strategic Petroleum Reserve and ongoing concerns about rising COVID-19 infection rates in China may have put downward pressure on crude prices, but so far, Idaho drivers aren’t saving much on fill-ups.

According to AAA, Idahoans are paying an average of $4.40 for a gallon of regular today, which is two cents less than a week ago but six cents more than a month ago.  Drivers in other parts of the country are faring much better – the national average currently sits at $4.11 per gallon, which is eight cents less than a week ago and 22 cents less than a month ago.

“It’s too early to tell if tapping the reserve will achieve the ultimate goal of helping stabilize the global supply, as that strategy is just getting underway,” says AAA Idaho spokesman Matthew Conde.  “The West Texas Intermediate (WTI) benchmark for crude hit a high point of $124 per barrel about a month ago, and it’s trading near $94 today, so a continuation of that trend would be welcome news as people start thinking about driving more this spring.”

While gasoline supplies decreased and fuel demand increased slightly this week, neither was enough to offset the slipping cost of crude.

“Supply and demand, both in the gas and crude oil markets, may fluctuate quite a bit over the next few weeks, and we may experience wobbly prices at the pump,” Conde said.  “In the meantime, please accept some tried-and-true advice – if you own more than one vehicle, drive the car with the best MPG for daily errands, and remove excess weight from the roof and out of the trunk to stretch your dollar.  Finally, bundle trips and avoid stop-and-go traffic as much as possible.”

Here’s a look at Idaho gas prices as of 4/11/22:

  • Boise – $4.53
  • Coeur d’Alene – $4.01
  • Franklin – $4.46
  • Idaho Falls – $4.38
  • Lewiston – $4.08
  • Moscow – $4.29
  • Pocatello – $4.41
  • Twin Falls – $4.50