The following is a news release from AAA Idaho.
BOISE — It’s a cruel, cruel summer. That’s a lyric from a well-known song, and the feeling many Idahoans are getting during recent stops to fill up their gas tanks.
According to AAA, regular gasoline is currently selling for around $3.93 in the Treasure Valley, and $3.90 in the Magic Valley. Both areas could hit the $4 mark as early as this week.
“Typically, people start making adjustments to their driving habits when the price hits the $3.50 mark, but we suspected that some travelers would be very determined this year, and that their pain threshold might be a little higher than usual,” says AAA Idaho spokesman Matthew Conde. “Unfortunately, rising prices are reaching a point where some families may not have enough room in the budget for a vacation without making sacrifices in other areas.”
Today, Idaho’s average price is $3.79, which is five cents more than a week ago and 32 cents more than a month ago. The national average currently sits at $3.18, which is just two cents more than a week ago and five cents more than a month ago.
“It’s not unheard of for Idaho’s average price to be 20 or 30 cents higher than the national average, but 61 cents is a big gap by any standard,” Conde said.
Idaho joins neighboring states Utah and Wyoming in skyrocketing gas prices, primarily as a result of strong fuel demand and tight supplies. According to the Energy Information Administration’s latest report, the Rockies region’s gasoline stocks are currently under six million barrels, about 1.5 million barrels less than a year ago.
Today, crude oil is trading near $71 per barrel, which is $4 less than a month ago, and $30 more than a year ago. While members of OPEC recently approved a modest increase in production (an additional 400,000 barrels per day beginning in August), it was well short of expectations. If the price of crude remains high, it will continue to put upward pressure on gas prices.
Here’s a selection of Idaho gas prices as of Aug. 2:
Boise – $3.93
Coeur d’Alene – $3.42
Franklin – $3.88
Idaho Falls – $3.78
Lewiston – $3.48
Pocatello – $3.77
Twin Falls – $3.90
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Source: eastidahonews.com