BOISE – For drivers everywhere, the pain at the pump continues. According to AAA, Idaho’s average price for regular gasoline is now tied with the national average at $4.57 per gallon – a new record high for both averages.
AAA says that the high cost of crude oil, which makes up more than half of the price of finished gasoline, continues to be the primary reason for the soaring prices.
Idaho’s average is seven cents more than a week ago and 17 cents more than a month ago. Meanwhile, the national average is 17 cents more than a week ago and 48 cents more than a month ago. The Gem State currently ranks 23rd in the country for most expensive fuel.
“Just a month ago, the U.S. average was 31 cents below Idaho’s average price. The fact that they’re tied today isn’t an indication that things are improving in the Gem State – rather, it’s a sign of how awful things are getting everywhere,” says AAA Idaho public affairs director Matthew Conde. “If the current trend continues, some drivers will have to make some really hard choices about how to budget for expensive fuel and still pull off a family road trip this spring and summer.”
California is the first state to top the $6 mark, with six states currently above the $5 mark. The top ten most expensive places are California ($6.05), Hawaii ($5.34), Nevada ($5.22), Washington ($5.15), Alaska ($5.12), Oregon ($5.11), Illinois ($4.92), District of Columbia ($4.87), New York ($4.87), and Arizona ($4.83). At $4.03 per gallon, today’s cheapest fuel can be found in Kansas.
“According to AAA research, 75 percent of Americans will consider making changes to their daily driving behavior at the $5 mark, but more than half of those who have already planned a summer vacation also say that they won’t cancel no matter how expensive pump prices get,” Conde said. “Eventually, high gas prices will likely curb demand, but with the entire summer travel season still ahead, it appears that we haven’t reached that point just yet.”
Today, the West Texas Intermediate benchmark for crude oil is trading near $110 per barrel, which is $2 more than a month ago and $44 more than a year ago. Continued market volatility due to the Russian invasion of Ukraine, diminished oil supply, and growing fuel demand are all putting upward pressure on crude prices, which result in higher gas prices.
“If you own more than one vehicle, it’s a good idea to drive the car with the best mpg as much as possible,” Conde said. “Take anything heavy that you don’t need off the roof rack and out of the trunk, and make sure that your tires are properly inflated to stretch your time between fill-ups.”
Here’s a look at Idaho gas prices as of 5/18/22:
- Boise – $4.58
- Coeur d’Alene – $4.67
- Franklin – $4.57
- Idaho Falls – $4.39
- Lewiston – $4.64
- Pocatello – $4.39
- Rexburg – $4.50
- Twin Falls – $4.54