Gas prices rising

COEUR d'ALENE — Gas prices in the Treasure Valley jumped by 8 cents last week. Boise-area prices are 23 cents higher than a month ago, and at $2.44 per gallon now exceed the national average.

Gas prices are climbing throughout the state and across the country, with higher crude oil prices outpacing low seasonal demand and COVID-19 restrictions to make it more expensive to fill up.

But gas was going for $1.99 a gallon at a Post Falls station and still hovering around the $2 mark in Coeur d'Alene, making it among the cheapest in the nation.

“The national average price for fuel has been cheaper year-over-year for 336 days in a row. If current trends continue, that streak could come to an end as early as this week,” said AAA Idaho spokesman Matthew Conde. “Drivers in 10 states are already paying more than they did a year ago, but for now, motorists in the Gem State continue to enjoy some nice savings at the pump.”

Conde noted that Idaho gas prices are frequently 20 to 30 cents more expensive than the national average, but that low demand pushed prices below the national average at the end of 2020, where they have remained ever since. Rising crude prices are now closing the gap.

Idaho’s average price for regular is $2.35 per gallon, which is 13 cents more than a month ago but 22 cents less than a year ago. On the week, Boise prices jumped by 8 cents, followed by Idaho Falls (+7 cents) and Twin Falls (+4 cents). Coeur d’Alene prices jumped by 2 cents but are still much cheaper than other parts of the state, while Lewiston prices actually dropped by a nickel, Conde said.

Meanwhile, the U.S. average currently sits at $2.42 per gallon, which is 17 cents more than a month ago and just 5 cents cheaper than a year ago.

“Typically, a decrease in demand and an increase in gasoline stocks result in a lower pump price, but crude oil is now selling for $53 per barrel, which is more expensive than a year ago,” Conde said. “Those higher replacement costs are beginning to make their way down the supply chain.”