COEUR d'ALENE — As 262,000 Idahoans prepare for a trip over Memorial Day weekend, gas prices will be close to where they were a year ago.
According to AAA, Wednesday’s average price for a gallon of regular in the Gem State was $3.80, which was 4 cents less than a week ago and 13 cents less than a month ago, and just 4 cents more than a year ago. Meanwhile, the national average sits at $3.61 per gallon, which is the same as a week ago, 7 cents less than a month ago, and 7 cents more than a year ago.
Idaho ranks ninth for most expensive fuel behind California ($5.17), Hawaii ($4.80), Washington ($4.59), Oregon ($4.36), Nevada ($4.36), Alaska ($4.32), Illinois ($3.94) and Arizona ($3.89).
Coeur d'Alene gas prices range from the $3.60s to the $3.80s.
Of the 43.8 million Americans traveling for the holiday, 38.4 million will drive, setting a new record for this mode of travel. The overall total is just shy of the record of 44 million set in 2005.
“Idaho gas prices have been falling, slowly but surely, since the third week of April,” said AAA Idaho public affairs director Matthew Conde. “The national average has reversed course and is up a couple of pennies in the past few days, and the Gem State may follow suit as demand rises.”
About 1.5 million more people will be on the road for Memorial Day weekend than a year ago.
Modest fuel demand and stable crude oil prices have kept pump prices in check for the past few weeks. According to the most recent report by the Energy Information Administration, gasoline demand is at nearly 8.9 million barrels per day, which is slightly less than a year ago. U.S. refineries are currently producing at 90.4% of capacity, and at 88.5% of capacity in the Rockies region.
The West Texas Intermediate benchmark for crude oil has been trading near or below $80 per barrel for the past 16 days, and is currently at $78 per barrel, which is $5 less than a month ago but about $4 more than a year ago. Crude oil makes up more than half of the price of finished gasoline.
“Gasoline demand will likely climb for at least the first half of the summer, which could result in more expensive fill-ups. We have a high probability of getting over the $4 mark at some point,” Conde said. “It will be interesting to see how things go over the weekend and as we approach the end of the school year, when more families start putting their summer travel plans into action.”
Here’s a look at pump prices as of Wednesday: Boise, $3.83; Franklin, $3.64; Idaho Falls, $3.68; Lewiston, $3.69; and Pocatello, $3.79.
