Gem State jumps to 10th place as $4 gasoline looms in some parts of the state
BOISE – $4 gasoline could return to some parts of the Gem State as early as this week, with Treasure Valley and Franklin-area prices already nearing the mark.
“For two weeks, the state average has followed a pattern – a four or five-cent jump early in the week and then a lull that lasts for several days,” says AAA Idaho public affairs director Matthew Conde. “Fuel demand and crude oil prices are extremely fickle right now, so there could be a bit of a teeter-totter effect at the pump in the short term. But higher prices are on the horizon.”
Today, Idaho’s average price for a gallon of regular is $3.75, which is four cents more than a week ago and 20 cents more than a month ago. Meanwhile, the national average currently sits at $3.54 per gallon, which is seven cents less than a week ago and six cents less than a month ago.
The Gem State ranks 10th in the U.S. for most expensive fuel behind California ($4.82), Hawaii ($4.77), Arizona ($4.69), Washington ($4.59), Nevada ($4.22), Oregon ($4.11), Alaska ($3.96), Illinois ($3.95), and Utah ($3.93). Utah refineries are the main supplier of finished gasoline in Idaho.
“The cost of crude oil has been trending lower in response to ongoing fears of a recession, and gasoline demand rose and then fell by 1 million barrels per day from one week to the next,” Conde said. “If crude oil hovers in the low $70 or upper $60 range, and if fuel demand calms down, the lower gas prices that are happening in other parts of the country could make their way to Idaho. But with the busy driving season ahead, any savings will likely be short-lived.”
Today, the West Texas Intermediate benchmark for crude oil is trading near $73 per barrel, which is about $3 less than a week ago and $7 less than a month ago.
Here’s a look at Idaho gas prices as of 5/8/23:
Boise – $3.90
Coeur d’Alene – $3.57
Franklin – $3.95
Idaho Falls – $3.54
Lewiston – $3.60
Pocatello – $3.59
Rexburg – $3.59
Twin Falls – $3.77