Idaho gas prices climb
A driver stops at Safeway on Neider Avenue for gas. Fuel prices have been climbing in Idaho.
COEUR d'ALENE — Idaho’s average price for regular jumped 10 cents this week to $3.21 per gallon, which is 33 cents more than a month ago, but 45 cents less than a year ago, according to AAA Idaho.
Meanwhile, the national average was at $3.35 per gallon Monday, which is 9 cents more than a week ago and 20 cents more than a month ago, but just 5 cents cheaper than a year ago.
Idaho ranked 25th in the country for most expensive fuel after dipping down into the 30s earlier this winter. Utah, where most of the Gem State’s fuel originates, ranked 32nd, while Montana, another supplier, ranked 19th. All three states saw a price hike of 9.5 cents this week.
Coeur d'Alene prices were as low as $3.05 to as high as $3.29 a gallon.
“As we approach spring break, gasoline demand tends to rise. Supplies dip as refineries sell off their remaining winter-blend fuel, complete seasonal maintenance, and make the switch to more expensive summer blend. All of that can be a recipe for higher pump prices,” said AAA Idaho public affairs director Matthew Conde.
According to the Energy Information Administration, refinery production in the Rockies region recently plummeted from 88.4% to 80% of operating capacity. But there is some good news. Rockies gasoline stocks are still about 1.2 million barrels, or 16%, higher than a year ago. A potential overstock could keep prices cheaper in the short term, as refineries may need to sell off winter-blend fuel at a discount to clear supplies out of the system.
The West Texas Intermediate benchmark for crude oil is trading near $79 per barrel, $1.50 more than a week ago and $7 more than a month ago, but roughly the same price as a year ago.
“The Organization of the Petroleum Exporting Countries recently announced plans to extend current crude oil production cuts through June. Fortunately, the move was widely expected, and so far, has done little to startle the market,” Conde said. “But as spring rolls into the summer driving season, if travel demand and road trips maintain their popularity, crude oil prices will climb and gas prices will follow.”
Idaho gas prices as of Monday: Boise, $3.21; Franklin, $3.16; Idaho Falls, $3.05; Lewiston, $3.32; Pocatello, $3.18 and Rexburg, $3.06.