Gas price surge stalls

After reaching $123 per barrel last week, AAA says the cost of crude oil has dropped in recent days and is currently trading near $102 per barrel.

If the trend continues, it could bring some relief to a gasoline market besieged by record-breaking prices, according to a press release.

“It’s too early to definitively state that the past few days are evidence of a long-term course correction,” AAA Idaho spokesman Matthew Conde said Monday. “Further developments surrounding the Russian invasion of Ukraine, the upcoming switch to more-expensive summer-blend fuel, and possible refinery downtime due to seasonal maintenance may have an impact on the price of crude oil and gas in the coming weeks, to say nothing of growing fuel demand.”

According to AAA, Idaho’s average price for regular is $4.36 per gallon, which is 40 cents more than a week ago and 84 cents more than a month ago.

Meanwhile, the national average is slightly lower at $4.33, which is 26 cents more than a week ago and 84 cents more than a month ago. Prices held steady over the weekend.

Costco was charging $3.93 for a gallon of regular unleaded on Sunday. Stations on Sherman Avenue were charging from $4.05 to $4.19, cash prices. Most stations on U.S. 95 were charging from $4.12 to $4.19, credit prices.

Average Idaho gas prices as of Monday: Boise, $4.45; Franklin, $4.37

Idaho Falls, $4.27 and Lewiston, $4.13.

Eight states and the District of Columbia now have gas price averages above the $4.50 mark, including California ($5.74), Nevada ($4.96), Hawaii ($4.96), Washington ($4.74), Oregon ($4.74),

Alaska ($4.73), Arizona ($4.60) and Illinois ($4.57). After dipping as low as 26th place in recent weeks, Idaho currently ranks 13th in the country for most expensive fuel.

According to the Energy Information Administration’s latest estimate, gasoline demand has increased to nearly 9 million barrels per day. In addition to the exorbitant cost of crude, shrinking fuel stocks and rising demand are both contributing to higher pump prices, albeit to a lesser degree.

Domestic crude oil stocks are also down 17% from a year ago.