How low will gas go?

COEUR d'ALENE — Gas prices are back under $3 a gallon in Coeur d'Alene for the first time this year.

Several stations were down to $2.89, the lowest since early 2021.

In Christmas of 2020, a gallon of regular unleaded was $2.22 in Idaho.

The price drop comes as families gear up to travel for the holidays.

According to AAA, nearly 113 million Americans, including 646,000 Idahoans, will take a trip to see family and friends between Dec. 23 and Jan. 2.

“Thankfully, gas prices have been steadily falling for the past few months, which should make a holiday road trip more manageable and maybe even put another present under the tree,” said AAA Idaho spokesman Matthew Conde. “January has historically been the low point before fuel prices start rising again, so we’re hoping for a lower number in the coming weeks.”

Idaho’s average price for a gallon of regular is $3.62 per gallon, which is 15 cents less than a week ago and 58 cents less than a month ago.

Meanwhile, the national average sits at $3.12 per gallon, which is 13 cents less than a week ago and 55 cents less than a month ago.

The Gem State ranks eighth in the country for most expensive fuel behind Hawaii ($5.11), California ($4.36), Nevada ($4.03), Washington ($3.92), Oregon ($3.82), Alaska ($3.74) and Pennsylvania ($3.66).

The West Texas Intermediate benchmark for crude oil is trading near $76 per barrel, which is $3 less than a month ago and $8 more than a year ago. While winter weather has curbed demand at the pump, it will likely rise in anticipation of the busy holiday travel season.

“Crude oil is the main ingredient in finished gasoline, and as the cost of crude goes, so goes the price of fuel,” Conde said. “The good news is that right now, cold weather is our friend on the supply side of the equation.”

Gas prices today around Idaho include Boise, $3.74; Franklin, $3.59; Idaho Falls, $3.66; Lewiston, $3.63 and Pocatello, $3.72.