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U.S. gas prices hit highest level in 8 years

The following is a news release from AAA Idaho.
IDAHO FALLS — According to AAA, the skyrocketing cost of crude oil has pushed the national average price of gasoline to its highest level since 2014. Idaho and Washington were the only two states in the country where prices fell this week.
Today, drivers in the Gem State are paying an average of $3.52 for a gallon of regular gasoline, which is a penny less than a week ago and four cents less than a month ago. But the U.S. average spiked this week, with prices eight cents higher than a week ago and 14 cents higher than a month
ago.
Drivers were particularly hard-hit in Michigan (+15 cents), Ohio (+14 cents), Florida (+12 cents), Indiana (+11 cents), Minnesota (+11 cents), Delaware (+11 cents), and Maryland (+10 cents).

AAA says that $90 crude oil was enough to send pump prices soaring this week despite falling demand and increasing gasoline stocks that normally occur this time of year. The latest surge in crude prices is due to rising demand for heating oil in frigid parts of the country, as well as concerns that Russia may withhold crude oil from an already tight global market if it faces western sanctions over recent tension with Ukraine.
The West Texas Intermediate benchmark for crude oil is currently trading near $91 per barrel.
“Idaho prices are decreasing, but now it’s a really slow drip. If the current trend of high crude oil prices continues, it’s only a matter of days or weeks before the spigot shuts off entirely,” says AAA Idaho public affairs director Matthew Conde. “As fuel demand comes roaring back this spring, we could find ourselves approaching $3.80 or even $3.90 per gallon at some point this year.”
Domestic crude oil stocks are still about 13 percent lower than this time last year. If inventories decline further, crude prices could continue to climb.
Here’s a look at Idaho gas prices as of Feb. 7:

Boise – $3.58
Coeur d’Alene – $3.37
Franklin – $3.36
Idaho Falls – $3.39
Lewiston – $3.37
Pocatello – $3.50
Twin Falls – $3.60

The post U.S. gas prices hit highest level in 8 years appeared first on East Idaho News.
Source: eastidahonews.com

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