Friday, April 12, 2024

Idaho gas prices continue climbing

| April 2, 2024 1:00 AM

COEUR d'ALENE —  Idaho gas prices are soaring again. According to AAA, Monday’s average price for a gallon of regular in the Gem State is $3.67, which is 15 cents more than a week ago, 46 cents more than a month ago and 12 cents more than a year ago.

Meanwhile, the national average sits at $3.53 per gallon, which is the same as a week ago, 20 cents more than a month ago, and three cents more than a year ago.

Idaho has moved up in the rankings to 11th place for most expensive fuel and could be back in the top 10 later this week. On the week, Utah and Idaho’s price jumps were the highest in the country at 18 cents and 15 cents, respectively, according to AAA.

Coeur d'Alene prices range from about $3.59 to $3.75.

“The cost of crude oil is climbing, and regional refineries are producing well below others nationwide. Those factors may be applying upward pressure on Idaho gas prices, despite a slight dip in U.S. demand and a slight bump in supplies,” said AAA Idaho public affairs director Matthew Conde. “After months of year-over-year savings, expensive fill-ups are back with a vengeance.”

Every spring, refineries make the switch to summer-blend fuel, which is more resistant to evaporation at high heat but is more costly to make. Refineries also use this transition period to complete routine maintenance and to make any unexpected repairs.

According to a report by the Energy Information Administration, Rockies refineries are currently operating at around 81% of capacity, well below the average production of 89% nationwide.

The West Texas Intermediate benchmark for crude oil is currently trading near $84 per barrel, which is $4 more than a month ago and $8 more than a year ago. Crude oil makes up more than half of the price of finished gasoline.

EIA further reports that gas demand dipped slightly this week from 8.81 to 8.72 million barrels per day, while gasoline stocks increased by 1.3 million barrels.

Here’s a look at Idaho gas prices as of Monday, Boise, $3.71;  Franklin, $3.77; Idaho Falls, $3.47; Lewiston, $3.71; and Twin Falls, $3.60.