Idahoans hit the road for Fourth fun

COEUR d'ALENE — As a record number of Americans depart on a Fourth of July vacation, gas prices will help keep Idaho families on the go. 

According to AAA, Wednesday’s average price for a gallon of regular in the Gem State is $3.61, which is 2 cents more than a week ago, but 10 cents less than a month ago and 35 cents less than a year ago.

Meanwhile, the national average currently sits at $3.51 per gallon, which is also 2 cents more than a week ago, but 2 cents less than a month ago and a year ago. Idaho currently ranks 12th in the country for most expensive fuel.

Kootenai County gas prices range from the $3.30s to the $3.50s.

“AAA projects that nearly 71 million Americans, including 400,000 Idahoans, will travel throughout the week. That’s two and a half million more people than a year ago, and the most ever,” said AAA Idaho public affairs director Matthew Conde. “Pump prices are rising, but very few, if any, will change their travel plans at this point.”

Wednesday was expected to be the busiest time on the road, but with the holiday falling on a Thursday, return trips will likely be spread out across the entire weekend, which should make getting home a lot easier, Conde said. 

AAA anticipates 800,000 calls for emergency road service this week, including more than 1,700 here in Idaho. 

Crude oil makes up more than half of the price of finished gasoline. Today, the West Texas Intermediate benchmark for crude oil is trading near $83 per barrel, which is $2 more than a week ago, $10 more than a month ago, and $13 more than a year ago. Higher crude oil costs generally translate to more expensive prices at the pump.

According to the Energy Information Administration, U.S. crude production is holding steady at 13.2 million barrels per day, 1 million b/d more than a year ago. Imports are about the same as a year ago, with exports at about 1.4 million barrels per day less than a year ago, further boosting supply.

Last week, the EIA reported that total gasoline stocks increased by 3 million barrels to 234 million barrels — about 12 million barrels more than a year ago. Fuel demand slipped by nearly 400,000 barrels per day for the week, and refinery production decreased from 93.5% to 92% of capacity (Rockies refineries dropped from 98.3% to 94.4%). If demand increases or if supplies tighten, pump prices could climb.

Gas prices around Idaho: Boise, $3.63; Franklin, $3.53; Idaho Falls, $3.49; Lewiston, $3.60; Pocatello, $3.58; and Twin Falls, $3.59.