“Right now, low fuel demand is acting like a relief valve to help keep prices stable in our state,” says AAA Idaho public affairs director Matthew Conde. “But demand is slowly rising across the country, and the combination of expensive crude and more frequent fill-ups could spell trouble for some people’s spring break plans.”
Today, Idaho’s average price for regular is $3.54 per gallon, which is two cents more than a week ago and the same price as a month ago. Meanwhile, the national average jumped to $3.61, which is eight cents more than a week ago and 25 cents more than a month ago. Idaho fell three places this week, and now ranks 23 rd in the country for most expensive fuel.
Double-digit price increases occurred this week in Michigan (+18 cents), South Carolina (+16 cents), Kansas (+15 cents), Missouri (+15 cents), Indiana (+14 cents), Illinois (+14 cents), Tennessee (+14 cents), Georgia (+13 cents), North Carolina (+12 cents), and Arizona (+10 cents).
This week, domestic gasoline stocks dropped by 600,000 barrels, while demand rose slightly from 8.57 million to 8.66 million barrels per day. If demand continues to rise, prices will likely follow.
The West Texas Intermediate benchmark for crude oil is currently trading near $96 per barrel, which is $5 more than a week ago, $10 more than a month ago, and $32 more than a year ago.
“Market volatility is never a good thing for crude oil or gas prices,” Conde said. “If the situation in Ukraine continues to escalate, geopolitical tensions will only increase that volatility.”
Here’s a look at Idaho gas prices as of Monday:
Boise – $3.61
Coeur d’Alene – $3.36
Franklin – $3.37
Idaho Falls – $3.41
Lewiston – $3.40
Pocatello – $3.49
Twin Falls – $3.62