Wednesday, March 22, 2023

Gas prices going higher

| February 7, 2023 1:00 AM

COEUR d'ALENE — The average price for a gallon of regular in the Gem State is $3.60, which is 15 cents more than a week ago and 18 cents more than a month ago.

Meanwhile, the national average sits at $3.47, which is four cents cheaper than a week ago and 16 cents more than a month ago.

Coeur d'Alene prices are at a low of about $3.15 for a gallon of regular unleaded, but reaching about $3.30 at some stations.

This week, the most expensive fuel can be found in Hawaii ($4.91), California ($4.62) and Washington ($4.14).

Idaho ranks 12th in the country and is likely to be back in the top 10 soon.

Today’s least expensive fuel can be found in Texas ($3.08).

“Gas prices have been climbing across the U.S. since the beginning of the year, but the big surge hit other parts of the country first. Now, the other shoe has dropped, with price hikes reaching Idaho,” says AAA Idaho public affairs director Matthew Conde. “With a mixed economic outlook and the continued prospect of winter weather, pump prices could be on a real roller coaster this week.”

Last week, the Organization of the Petroleum Exporting Countries announced plans to maintain their current level of crude oil production, which reassured the market and helped crude prices fall.

The West Texas Intermediate benchmark for crude oil is trading near $74 per barrel, which is about $4 cheaper than a week ago and the same as a month ago, AAA said.

According to the Energy Information Administration, nationwide gasoline demand rose from 8.1 million to 8.5 million barrels per day, but total gasoline stocks also increased by 2.6 million barrels this week.

“As the weather gets nicer, barring a major economic downturn, the overall trend will be rising gas prices,” Conde said.

Here’s a look at Idaho gas prices as of Monday, compared with a week ago:

Boise — $3.76 (+23 cents)

Coeur d’Alene — $3.24 (no change)

Franklin — $3.57 (+19 cents)

Idaho Falls — $3.45 (+15 cents)

Lewiston — $3.58 (no change)

Pocatello — $3.64 (+23 cents)

Rexburg — $3.60 (+6 cents)

Twin Falls — $3.66 (+20 cents)

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