The following is a news release from AAA Idaho.
IDAHO FALLS — It was a tale of two cents at the pumps this week – while Idaho drivers saved a couple of pennies when they stopped to fill up, drivers in other parts of the country paid a couple more than they did last week.
According to AAA, Idaho’s average price for regular is $3.70 per gallon, which is four cents less than a month ago and $1.38 more than a year ago. Meanwhile, the U.S. average currently sits at $3.40, which is 21 cents more than a month ago and $1.27 more than a year ago.
Idaho ranked 5th in the country for most-expensive fuel earlier this year, but prices here have slowly dropped since Labor Day, and so has the Gem State’s ranking. This week, Idaho fell to 8th place behind California ($4.60), Hawaii ($4.30), Nevada ($3.94), Washington ($3.87), Oregon ($3.78), Utah ($3.73), and Alaska ($3.72).
“The price of crude oil remains exorbitant, and the current belief is that OPEC (Organization of the Petroleum Exporting Countries) and their allies will maintain existing production cuts for the foreseeable future. But Iranian oil, which has not been sold in large quantities since 2018, could become available soon,” says AAA Idaho spokesman Matthew Conde. “An influx of crude into the market could help stabilize gas prices, at least until demand surges in the run-up to Thanksgiving.”
Today, a barrel of crude oil is currently trading near $84 per barrel, which is $47 more than a year ago. If crude oil, which makes up about half the price of finished gasoline, stays about the $80 mark, drivers everywhere will continue to face painfully high prices at the pump.
This week, gasoline stocks dipped, but so did demand, slowing price hikes in some parts of the country and helping prices fall in others, including here in the Gem State.
Here’s a look at Idaho gas prices as of Nov. 1:
Boise – $3.82
Coeur d’Alene – $3.39
Franklin – $3.69
Idaho Falls – $3.63
Lewiston – $3.34
Pocatello – $3.74
Twin Falls – $3.82
The post Idaho gas prices drop two cents while U.S. average rises appeared first on East Idaho News.
Source: eastidahonews.com
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