Idaho gas prices going up

Valentine’s Day may be over, but Idaho drivers are still feeling the love — at least, for now.

According to AAA, this week’s average price for a gallon of regular in the Gem State is $2.94, which is 5 cents more than a week ago and 18 cents more than a month ago, but still 28 cents cheaper than a year ago.

The national average currently sits at $2.93 per gallon, which is about 3 cents more than a week ago and nine cents more than a month ago, but 23 cents less than a year ago. Idaho now ranks 14th in the country for the most expensive fuel, jumping up from 23rd place a couple of weeks ago.

Coeur d'Alene area prices were about $2.85 a gallon.

“Crude oil prices continue their roller coaster ride and may keep pump prices below the $3 mark this week, but there’s always the potential for a surge in demand that drives prices higher,” says AAA Idaho public affairs director Matthew Conde. “We were fortunate to spend most of January with minimal price movement, but now things are picking up.”

According to the Energy Information Administration, crude oil stocks jumped by eight million barrels, while gasoline supplies jumped by 2 million barrels. Meanwhile, gasoline demand remained steady from the previous week. More supply could alleviate pump prices this week.

The West Texas Intermediate benchmark for crude is currently trading near $64 per barrel, about the same as a week ago but about $6 per barrel more expensive than a month ago.

Here’s a look at Idaho gas prices as of Monday: Boise, $2.93; Franklin, $2.77; Idaho Falls, $2.94; Lewiston, $2.84; Pocatello, $2.96; and Rexburg, $2.96.