The following is a news release from AAA Idaho.
IDAHO FALLS — Idaho is back in familiar territory with the 8th highest gas prices in the country, but there’s a silver lining – drivers here are still paying 88 cents less per gallon than they were a year ago. Meanwhile, the national average is back above the $2 mark after 66 days below it.
“The effects of COVID-19 are still being felt. Because fuel demand was held down during stay-home orders, stock levels are about 24 million barrels higher across the country than last year, including 500,000 barrels more in the Rockies region,” says AAA Idaho spokesman Matthew Conde. “That large cushion could keep pump prices lower than last year until the 4 th of July and possibly beyond.”
Today, the price for regular gasoline in Idaho is $2.28 per gallon, which is 48 cents more than a month ago, but 88 cents less than a year ago. The current U.S. average is $2.03, which is 20 cents more than a month ago, and 73 cents less than a year ago. On the national level, gas prices haven’t been this low at the beginning of June since 2004.
This week, Rockies states Colorado (+13 cents) and Montana (+10 cents) landed on the week’s top 10 list of states with the largest weekly increase. Today, the most expensive fuel is being purchased in Hawaii at $3.19 per gallon, and the cheapest fuel can be found in Mississippi for $1.66 per gallon.
“The trend of rising gas prices in Idaho will likely continue this week, but some drivers will see it as a small price to pay for the increased opportunities to work and play that we are all enjoying,” Conde said. “With many large events canceled, family get-togethers and visits to state and national parks will be especially popular this summer.”
Today, West Texas Intermediate crude oil is trading for about $38 per barrel, which is about $13 per barrel more than a month ago, but $16 per barrel cheaper than a year ago. 50 to 60 percent of the cost of finished gasoline is related to the price of crude oil.
Over the weekend, the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend deep production cuts through July, a move that is expected to reduce global crude oil supplies by nearly 10 percent. At the same time, Saudi Arabia sharply increased its official selling prices for crude oil, but in the short term, may struggle to find any takers. If effective, the combination will eventually apply strong upward pressure on crude oil in the coming weeks, and, in turn, gas prices.
For now, however, Idahoans have plenty to smile about while they fill up.
Here’s a sample of today’s gas prices around the Gem State:
Boise – $2.39
Coeur d’Alene – $2.03
Franklin – $2.24
Idaho Falls – $2.28
Lewiston – $2.09
Pocatello – $2.30
Twin Falls – $2.28