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Idaho gas prices could hit $5 mark as early as this week

The following is a news release from AAA Idaho.
BOISE — Drivers continue to feel the pain at the pump amid skyrocketing gas prices, and there’s more trouble on the horizon. According to AAA, both the Idaho and national average price for regular gasoline are likely to hit the $5 mark as early as this week. Crude oil market volatility, tight fuel supplies and growing demand continue to push pump prices higher.
Today, Idaho’s average price for regular is $4.90 per gallon, which is 18 cents more than a week ago, 43 cents more than a month ago, and $1.62 more than a year ago. Meanwhile, the national average currently sits at $4.87, which is 25 cents more than a week ago, 59 cents more than a month ago, and $1.82 more than a year ago. The Gem State currently ranks 19 th in the country for most expensive fuel.
“For 10 states and the District of Columbia, the $5 mark is already in the rear-view mirror. Idaho could easily get there by the end of the week,” says AAA Idaho public affairs director Matthew Conde. “It’s strange that the phrase ‘record-high’ has become so monotonous, but prices are being topped just about every day, and that means that we could be in for a very challenging summer.”
Today, the West Texas Intermediate benchmark for crude oil is trading near $118 per barrel, which is $8 more than a month ago and $48 more than a year ago. While the Organization of Petroleum Exporting Countries (OPEC) recently agreed to increase monthly production by 648,000 barrels per day in July and August, the European Union’s efforts to implement a 90 percent ban on Russian crude imports by the end of the year is putting upward pressure on prices.
AAA says that gasoline demand is also growing, and recently hit 9 million barrels per day as drivers geared up for Memorial Day travel. At the same time, gasoline stocks fell by 700,000 barrels, and domestic crude supplies are also nearly 14% lower than a year ago. If the trend of rising demand and tight supply continues, prices will likely continue to climb in the run-up to Independence Day.
Today, the states with the most expensive gas are California ($6.34), Nevada ($5.49), Hawaii ($5.47), Oregon ($5.42), Washington ($5.41), Illinois ($5.40), Alaska ($5.38), Arizona ($5.13), Michigan ($5.06), and Indiana ($5.00). The cheapest fuel in the country can be purchased in
Georgia at $4.29 per gallon.
“If these prices were hitting in the middle or end of summer, most drivers would probably be getting ready to call it quits,” Conde said. “But with so many travel plans yet to be completed, some families are going to have a stubborn streak and move forward for the time being, regardless of what gas prices are doing.”
Here’s a look at Idaho gas prices as of June 6:

Boise – $4.90
Coeur d’Alene – $4.89
Franklin – $4.79
Idaho Falls – $4.79
Lewiston – $4.94
Pocatello – $4.81
Rexburg – $4.92
Twin Falls – $4.96

The post Idaho gas prices could hit $5 mark as early as this week appeared first on East Idaho News.
Source: eastidahonews.com

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