BOISE – Idaho drivers may find extra cheer at the pump this holiday season as the average price for a gallon of regular gasoline in the Gem State drops to $3.55. This marks a nine-cent decrease from last week, a 29-cent drop from a month ago, and a significant 40-cent decline compared to a year ago. Nationally, the average price stands at $3.24 per gallon, a mere penny less than last week, 19 cents less than a month ago, and 18 cents less than a year ago.
Currently ranking 8th in the nation for most expensive fuel, Idaho follows behind California ($4.80), Hawaii ($4.70), Washington ($4.33), Nevada ($4.11), Oregon ($3.99), Alaska ($3.89), and Pennsylvania ($3.56). Notably, the states supplying most of Idaho’s finished gasoline, Montana and Utah, rank 23rd and 30th, with prices at $3.16 and $3.07 per gallon, respectively.
Matthew Conde, AAA Idaho’s public affairs director, notes that Idaho benefits from the comparatively lower prices in Montana and Utah. He expresses optimism for further price drops, potentially reaching the lowest levels for the year in the coming weeks.
Despite the recent announcement from the Organization of the Petroleum Exporting Countries (OPEC) to maintain and potentially deepen crude oil production cuts, concerns arise due to voluntary compliance and potential reluctance among nations. The West Texas Intermediate benchmark for crude currently trades near $74, showing a decrease of $1 from last week, $7 from a month ago, and $3 from a year ago.
Conde cautions that a reversal in pump prices could occur if fuel demand increases or crude prices rise significantly. While the national average only decreased by a penny this week, Conde remains hopeful, citing decreasing fuel demand, rising stock levels, and consistent refinery production as positive indicators. He emphasizes the potential benefits for holiday shopping and travel plans if prices continue to drop.
The Energy Information Administration’s latest report reveals a decrease in gas demand by nearly 300,000 barrels per day last week, coupled with a two-million-barrel increase in total domestic supplies.
As of 12/4/23, here are the gas prices in various Idaho cities:
– Boise: $3.54
– Coeur d’Alene: $3.68
– Franklin: $3.11
– Idaho Falls: $3.50
– Lewiston: $3.80
– Pocatello: $3.32
– Rexburg: $3.54
– Twin Falls: $3.50
