Gas price hikes take a breather

All was quiet at the pumps this week, with Idaho and U.S. gas prices down half a penny and a penny, respectively.

A drop in seasonal demand and a slight bump in crude oil inventories were enough to keep prices in check, despite the high cost of crude.

“The glass-half-empty point of view is that prices didn’t fall much this week. But the glass-half-full thinking would be that at least they didn’t go up,” said AAA Idaho public affairs director Matthew Conde. “The end of Daylight Savings Time may push demand even lower if drivers decide to head home instead of running errands after dark. But Thanksgiving is coming, and that could mean a spike in demand right around the holiday.”

As of Tuesday, the average price for regular in the Gem State was $3.69, which is three cents less than a month ago but $1.39 more than a year ago.

Meanwhile, the national average sits at $3.41, which is 10 cents more than a month ago and $1.28 more than a year ago. Idaho ranks 8th in the country for most expensive fuel.

Crude oil, which accounts for half the price of finished gasoline, is trading near $81 per barrel - $40 per barrel more than a year ago. Tight supplies are keeping the price of crude high. If fuel demand rises, pump prices will follow.

“Despite the pain we’re all feeling at the pump, gas prices aren’t likely to factor into the go/no-go decision for Thanksgiving travel this year,” Conde said. “Fuel is the lifeblood of the Great American Road Trip, and if people need to make adjustments to their budget, they’ll be more frugal with dining options and other activities.”

Here’s a look at Idaho gas prices as of Tuesday:

Boise - $3.81

Coeur d’Alene - $3.37

Franklin - $3.67

Idaho Falls - $3.62

Lewiston - $3.28

Pocatello - $3.74

Twin Falls - $3.82