Idaho Gas Prices Stabilized Last Week
Despite the increasing pain at the pump for Gem State drivers, last week, we saw no noticeable increase in the price of gasoline. AAA is calling is a case of no news is good news in their latest release; however we've all noticed that $4 per gallon prices are slowly becoming normal around here.
According to AAA, the state average price for regular increased by two cents to $3.81 per gallon, but prices were unchanged in highly populated areas like the Treasure Valley, the Magic Valley, and Idaho Falls.
Gasoline demand is strong, with the latest report from the Energy Information Administration showing a 2% increase over the same time period in 2019, while gasoline stocks are 1% down from two years ago.
Demand is expected to remain high through at least Labor Day, and possibly longer. Today, Gem State drivers are paying an average of $3.81, which is 24 cents more than a month ago and $1.38 more than a year ago.
However, the national average currently sits at $3.19, which is a penny more than a week ago, a nickel more than a month ago, and $1.02 more than a year ago. Pump prices fluctuated across the country this week, with some states seeing as much as a nine-cent increase to a seven-cent drop.
"The national average is the highest it's been all year, but drivers in most states shouldn't expect much sympathy here in Idaho," says AAA Idaho public affairs director Matthew Conde. "Even the latest trend of falling crude oil prices is bittersweet because even though it may lead to cheaper gas prices at some point down the road, it's based on market concerns surrounding the COVID-19 delta variant and the possibility of future lockdowns."
At the close of Friday's trading session, the West Texas Intermediate benchmark fell to $68 per barrel and is currently trading near $67. If market pessimism continues, crude prices could continue to fall, further offsetting some of the upward pressure created by strong fuel demand.
Here's a selection of Idaho gas prices as of 8/9/21 from AAA:
Boise - $3.93
Coeur d'Alene - $3.45
Franklin - $3.87
Idaho Falls - $3.78
Lewiston - $3.47
Pocatello - $3.84
Twin Falls - $3.90
LOOK: See how much gasoline cost the year you started driving
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