Market volatility continued this week, driving gasoline prices higher nationwide, but Idaho drivers have been spared the recent trend, at least for now.
According to AAA, the current national average price of $3.42 for a gallon of regular gasoline is 12 cents higher than a week ago and 33 cents higher than a month ago. In an unusual move, Idaho’s average price is now below the national average at $3.39 per gallon. That’s 1.5 cents more than a week ago, but 12 cents less than a month ago.
The last time Idaho pump prices were below the national average was almost a year ago on February 18, 2022. The effect lasted for about 1 month.
Today, Gem State ranks 21st as the most expensive fuel in the United States.
“So far Idaho is swimming against the current, but it may not be able to hold out much longer. ,” said Matthew Conde, director of public relations for AAA Idaho. “Crude oil continues to be very expensive, demand for fuel is increasing, and refinery closures in Colorado are tightening regional supplies. All these factors have contributed to pump prices rising this week. There is a possibility that
Today, the West Texas Intermediate Benchmark for crude oil is trading close to $82 a barrel. Over the past few weeks, markets have rallied around news that China is reopening its economy despite high COVID-19 infection rates, suggesting that global oil demand may exceed expectations. is showing. Crude oil accounts for more than half of the price of finished gasoline.
Gasoline demand rose from 7.5 million to 8 million barrels per day last week, according to the Energy Information Administration (EIA). If demand remains strong, pump prices are likely to rise.
In late December, a fire broke out at the Suncor Refinery in Commerce City, Colorado. This refinery supplies his 35-40% of the fuel used by the Colorado, including the Denver metropolitan area. Refineries are expected to remain offline for inspections and repairs through mid- to late-March, so regional supplies will be strained as demand increases. According to the latest EIA report, regional refinery utilization plummeted to 60%, a total loss of 25% since the Suncor fire.
“If the market continues to feel this kind of pressure, gas prices could continue to rise,” Conde said. “On the other hand, however, another cold wave could moderate demand or cause oil prices to change direction.
According to autoblog.com, the Rexburg will cost between $3.38 and $3.42. Statewide gas prices are as follows: Boise – $3.43. Coeur d’Alene – $3.23; Franklin – $3.26; Idaho Falls – $3.28; Lewiston – $3.48; Pocatello – $3.34;
AAA Idaho is affiliated with AAA Oregon/Idaho and provides travel, insurance, financial and automotive related services to its 885,000 members. AAA serves more than 63 million drivers in North America.