The following is a news release from AAA Idaho.
BOISE — Global concerns about a tight crude oil supply are putting pressure on gas prices across the country this week, but Idaho prices are still falling – for now.
According to AAA, the U.S. average price for regular gasoline is $3.80 per gallon, which is a four-cent jump from a week ago, but nine cents less than a month ago. Meanwhile, Idaho’s average price is $4.30 per gallon, which is four cents less than a week ago and 12 cents less than a month ago.
Today, the Gem State ranks 8th in the country for most expensive fuel behind California ($5.46), Hawaii ($5.20), Nevada ($4.96), Oregon ($4.84), Washington ($4.82), Alaska ($4.75), and Illinois ($4.31).
“With the boycott of Russian crude oil in many parts of the world, and another round of production cuts by the Organization of the Petroleum Exporting Countries and their partners, there is real concern about the scarcity of crude oil supplies this fall. That’s making crude more expensive and driving up the price of finished gasoline in the process,” says AAA Idaho public affairs director Matthew Conde. “But the effect could be short-lived if fears of a global recession and reports of new COVID-19 restrictions in China tamp down demand. We’re in ‘wait and see’ mode.”
Today, the West Texas Intermediate benchmark for crude oil is trading near $92 per barrel, which is $6 more than a week ago and a month ago. According to the Energy Information Administration, domestic crude stocks decreased by 3.1 million barrels this week.
“While gasoline demand dipped this week, the high cost of crude was enough to send pump prices higher in some parts of the country,” Conde said. “If the national average keeps climbing, it’s only a matter of time before Idaho drivers face the same grim reality.”
Here’s a look at Idaho gas prices as of Nov. 7:
Boise – $4.32
Coeur d’Alene – $4.25
Franklin – $4.11
Idaho Falls – $4.10
Lewiston – $4.40
Pocatello – $4.19
Rexburg – $4.27
Twin Falls – $4.23
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