Fuel prices still falling

Gas prices kept tumbling last week amid record-high stock levels and continued low demand due to COVID-19 precautions. With another eight-cent drop for the week (the second-largest in the country behind Alaska), the Idaho average price for regular fuel is now just seven cents higher than the national average.

“A few weeks ago, AAA predicted that Idaho’s average price could make it to $1.85 per gallon, or even lower,” says AAA Idaho spokesman Matthew Conde. “But if current trends continue, we could see Idaho pump prices dip as low as $1.75 per gallon before it’s all said and done.”

Today, Idahoans are paying an average price of $1.84 per gallon, which is 52 cents less than a month ago, and an astounding $1.18 less than a year ago. The national average is currently at $1.77 per gallon, which is 28 cents less than a month ago, and $1.11 less than a year ago.

In Coeur d’Alene and Post Falls, gas prices are as low as $1.55 per gallon regular unleaded.

At $2.04, Utah is the only state in the Rockies region with an average price above $2 per gallon — one of just a dozen states in a similar predicament. The other states in the area are well below the $2 mark (Colorado — $1.73, Montana — $1.81, Idaho — $1.84, and Wyoming — $1.90).

According to the Energy Information Administration, U.S. gasoline demand grew slightly over the week to 5.3 million barrels per day, but that’s still extremely low when compared with 9.5 million barrels per day last April. National gasoline stocks also set a new record at 263 million barrels.

“Crude oil and gas prices still face significant downward pressure — producers and refiners are having trouble convincing their customers to buy and store products that are still in the pipeline,” Conde explained. “Even as refineries cut back, and in some cases, shutter their operations temporarily, there just isn’t enough demand to make a dent in the available supply.”