Gas prices continue to tumble
Kootenai County gas prices have fizzled to the lowest they've been since May 2009.
The average per gallon in Coeur d'Alene on Tuesday was $2.27, decreased from $2.79 a month ago. Post Falls' average has decreased 70 cents in the same time period to $2.40.
"North Idaho's apparent ready access to fuel in the region should keep lower prices somewhat more insulated than other parts of the state," said Dave Carlson, AAA Idaho spokesman.
Coeur d'Alene's price is 60 cents lower than last year at this time and Post Falls is 72 cents cheaper than it was a year ago.
Lower crude oil prices, relative to where they have been this past year, will be around in 2015, Carlson said.
"Idaho and U.S. markets have experienced average annual prices in the $3.50 range annually for the past two years," he said.
The Energy Information Administration (EIA) earlier this fall projected that U.S. gas prices would average $3.15 in 2015, based on drops in the price of crude oil. Recently, however, it recalculated its estimates to $2.66, taking into account the latest nosedive in crude oil prices.
"The EIA estimate may be presumptive, as its own actions suggest, when it comes to pegging an annual average price without accounting for any number of market factors like supply disruptions, hurricanes and higher demand resulting from today's very low oil prices," Carlson said. "Lower crude oil prices obviously will result in growth in economies poised for growth."
Nevertheless, he said, the conversations suggest prices south of $3 will rule much of the retail marketplace in 2015.
On Tuesday, for the first time since June 22, Idaho's pump price for regular grade gasoline was lower than the national average. Idahoans are paying an average price of $2.37, down 67 cents since Thanksgiving, and a penny less than the national average.
"The Grinch is gone for now, and the glut in oil and gas supplies is giving travelers a holiday gift at the pump," Carlson said.
AAA predicts 98.6 million Americans will hit the travel byways in the U.S. this holiday period from today until Jan. 4, up 4 percent over last year.
Closer to home, one in three Idahoans (516,000) is expected to travel at least 50 miles from home. About nine in 10 Idaho travelers - 462,000 - will be drivers or passengers in motor vehicles, paying less for gas than any time since May 2009.
The gas price average in other Idaho cities on Tuesday included: Boise, $2.37; Idaho Falls, $2.32; Lewiston, $2.33; Nampa $2.48; Pocatello, $2.21; and Twin Falls, $2.22.
Gas price averages
City Tuesday Month ago 6 mo. ago year ago
Cd'A $2.27 $2.79 $3.57 $2.87
PF $2.40 $3.10 $3.66 $3.12
Idaho $2.37 $3.08 $3.68 $3.10
U.S. $2.38 $2.82 $3.68 $3.25
SOURCE: AAA Idaho