Idaho Fifth Most Expensive State for Fuel
It's that time of year in Idaho. The days get shorter, and hopefully, the gas price starts to drop as most folks get ready for the Gem State Winter. However, global events seem to be impacting Idaho's season drop in the price of gasoline.
Gasoline prices for regular fuel are the most expensive in the last seven years, reports AAA in a release. Remember when the price of oil was so low people thought that high gas prices would never return? Well, those days are over as the cost of crude climbs to $78 a barrel. Some experts predict we could see $90 a barrel prices before the end of the year. During the Obama years, oil was priced at over $120 a barrel.
"Lately, the price to fill-up in Idaho has been slowly dropping, but with big jumps hitting so many other parts of the country, it may only be a matter of time before we follow suit," says AAA Idaho public affairs director Matthew Conde. "Hurricane activity and continued production cuts by OPEC have both played a part in keeping the price of crude oil high."
Today, Idaho's average price for regular is $3.73, which is two cents less than a week ago and seven cents less than a month ago. In comparison, the U.S. average currently sits at $3.20, a penny more than a week ago and two cents more than a month ago.
This week, Ohio led the way with an 11-cent jump in pump prices, followed by Arizona (+7 cents) and North Carolina (+6 cents). The Gem State currently ranks 5th in the country for most expensive fuel, slightly ahead of Oregon and Utah.
According to the Energy Information Administration, domestic gasoline stocks increased slightly last week, but so did fuel demand.
Crude oil supplies remain below pre-pandemic levels.
Oil Market Dynamics
In July, OPEC (Organization of the Petroleum Exporting Countries) agreed to increase crude oil production by 400,000 barrels per day as part of a plan to slowly eliminate 5.8 million barrels per day of ongoing cuts. But the organization is now discussing an additional increase of 400,000 barrels per day beginning in November. If a second increase takes effect, it could bolster market confidence and cause crude oil prices to fall, which in turn could lead to cheaper gas prices.
Here's a selection of Idaho gas prices as of 10/4/21 from AAA.
Boise - $3.85
Coeur d'Alene - $3.43
Franklin - $3.75
Idaho Falls - $3.66
Lewiston - $3.37
Pocatello - $3.78
Twin Falls - $3.83