Tuesday, May 28, 2024

Gas prices jump again

| May 4, 2021 1:00 AM

COEUR d'ALENE — At first glance, Idaho gas prices were stable this week, with the state average increasing by just 2 cents. But things were much more volatile at the local level, with significant price jumps in some areas and little or no movement in others.

In the Panhandle, prices rose from 5 to 7 cents. Treasure Valley, it’s about 4 cents more expensive per gallon to fill up this week. Meanwhile, drivers in the Magic Valley and parts of Eastern Idaho are paying about the same to fill up as a week ago.

Idaho’s current price for regular is $3.14 per gallon, which is 8 cents more than a month ago. The national average is $2.90, which is 3 cents more than a month ago. On the week, 10 states saw prices increase by 5 to 8 cents, but many states, including Idaho, saw increases of only 1 to 3 cents.

Kootenai County prices range from the $2.80s to $2.90s.

“We know that fuel demand is coming back strong, and currently sits just 4% below where it was at this time in 2019. But there will be fits and starts as travel activity resumes, even in different parts of the state, and we’re seeing some of that this week,” said AAA Idaho public affairs director Matthew Conde. “In the run-up to Memorial Day, we believe Idaho pump prices are likely to climb in response to an overall trend of robust demand.”

On the supply side, gasoline stocks increased by 100,000 barrels to reach the 135 million-barrel mark, and the Organization of the Petroleum Exporting Countries recently agreed to increase crude oil production by 2.1 million barrels per day in May and June, which could keep oil prices down and help stabilize the price of finished gasoline.