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Idaho State News

Idaho Sets New Record for Expensive Gas

BOISE – Amid growing fuel demand and a turbulent crude oil market, Idaho drivers could be paying an average price of $4.50 per gallon sometime in the next few days.

According to AAA, the state’s average price for regular is $4.48 per gallon today, which is about four cents more than a week ago and seven cents more than a month ago.  Meanwhile, the national average currently sits at $4.33, which is 14 cents more than a week ago, and 21 cents more than a month ago.  The Gem State currently ranks 13th in the country for the most expensive fuel.

“Ten states and the District of Columbia are already over the $4.50 mark today, and Utah, the supplier for most of our gasoline products, is right on the verge.  It doesn’t bode well for Idaho drivers,” says AAA Idaho public affairs director Matthew Conde.  “With Memorial Day and a busy travel season ahead, fuel demand is likely to push pump prices even higher in the coming weeks.”

AAA reports that the West Texas Intermediate benchmark for crude oil is currently trading near $105 per barrel after hitting $110 on Friday.  Tight supplies and news that the European Union has proposed a ban on Russian oil imports within six months have put additional upward pressure on global crude prices, which make up about half the price of finished gasoline.

According to the Energy Information Administration, domestic crude stocks are about 14% lower than a year ago.  While U.S. gasoline supplies are falling, demand increased slightly to just under nine million barrels per day.

“If gas prices keep climbing, more Americans are likely to modify their travel behavior,” Conde said.  “But for now, most people will grit their teeth and move forward with their current vacation plans.”

Here’s a look at Idaho gas prices as of 5/9/22:

  • Boise – $4.53
  • Coeur d’Alene – $4.37
  • Franklin – $4.47
  • Idaho Falls – $4.38
  • Lewiston – $4.47
  • Pocatello – $4.40
  • Rexburg – $4.50
  • Twin Falls – $4.50