Idaho gas prices continue to fall

COEUR d'ALENE — Idaho drivers have more good news at the pump this week. According to AAA, Monday’s average price for a gallon of regular gasoline in the Gem State is $3.58, which was 6 cents less than a week ago, 25 cents less than a month ago, and 40 cents less than a year ago. 

Meanwhile, the national average sits at $3.45 per gallon, which is the same as a week ago, 15 cents cheaper than a month ago, and 13 cents less than a year ago. Idaho has fallen out of the top 10, now ranking 13th in the country for most expensive fuel, a press release said.

Kootenai County gas prices have fallen into the $3.20s at some stations.

“Despite robust travel to kick off the spring and summer driving season, pump prices continue to plummet,” said AAA Idaho public affairs director Matthew Conde. “Montana and Utah, which supply most of Idaho’s gasoline, are currently ranked 23rd and 24th in the nation for gas prices, which means that even more savings could be headed our way this week.” 

According to the Energy Information Administration, gasoline demand has increased to 9 million barrels per day, but gasoline production is easily outpacing demand at 10 million barrels per day. Refineries across the country are operating at 95% of capacity, with Rockies refineries at a whopping 97%. These favorable conditions are helping gas prices to tumble this week. 

The West Texas Intermediate benchmark for crude oil is currently trading near $80 per barrel. Crude prices have remained below the $80 mark since the beginning of May. If the cost of crude continues to hold steady, pressures may further ease at the pump.

Idaho gas prices as of Monday: Boise, $3.62; Franklin, $3.39; Idaho Falls, $3.39; and Lewiston, $3.63.