BOISE, Idaho — Motorists and boaters have even more to celebrate on this Independence Day. Gas prices are projected to be over $1.30 per gallon less than they were at this time last year. GasBuddy predicts that consumers will save approximately $500 million per day compared to one year ago.
According to a 2023 summer travel survey conducted by gasoline tracking resource, GasBuddy, 36% of drivers are planning a road trip for the summer holiday - an increase of 9% from 2022.
A surge of vacationers and travelers is anticipated between June 30 and July 5; however, the rather slow start to summer travel resulted in a general lack of demand for gasoline - causing the current price stagnation. Experts suggest that what consumers are witnessing with gas prices this season, is a residual effect of post-COVID "revenge travel" that occurred last summer.
The pandemic halted a lot of activity in the summer of 2021. As the pandemic response evolved and restrictions began to lift, the result was a sudden influx of travel in 2022.
"Much of Covid's revenge travel is behind us, and thus far this summer, demand for gasoline has been softer than last year, helping to ease the pressure on gas prices," said Patrick De Haan, head of petroleum analysis at GasBuddy.
"Coupled with an economic slowdown and rising interest rates, Americans are feeling a bit more sluggish about hitting the road again this summer, leading to the lower prices," De Haan added.
As of late June, GasBuddy projects that the average price will remain in the $3.50 to $4 per gallon range throughout the rest of the summer. However, consumers should observe the situation with bated breath, as gas prices grow increasingly susceptible due to the rather volatile global economic uncertainty.
"We may continue to see average prices moderate, especially closer to Labor Day, barring hurricanes or other unexpected refinery outages, with steeper price drops coming after summer. But for now, it's still not a bad time to get outside and hit the road this summer with far lower prices in every state compared to last year."
Idaho:
According to GasBuddy's survey of 216 stations in Boise, the average cost for unleaded gas continues to go down. Pump prices fell 1.2 cents in the last week, this following a 5-cent decrease the week prior.
The average price for gas in Boise was $3.90, as of Monday, June 26. Although the updated average is 1.2 cents more than one month ago, it's a relief from the average price on this day, one year ago. On June 26, 2022, gasoline cost $1.32 more per gallon.
According to GasBuddy price reports, as of Monday, the cheapest station in Boise was priced at $3.73 per gallon while the most expensive was $4.15 - a 42-cent difference. Meanwhile, the lowest price in all of Idaho was $3.69 and the highest was $4.79. Check out KTVB's interactive map to find the cheapest gas prices near you.
Historical gasoline prices in Boise and the national average going back ten years, according to GasBuddy data:
- June 26, 2022: $5.22/g (U.S. Average: $4.88/g)
- June 26, 2021: $3.47/g (U.S. Average: $3.09/g)
- June 26, 2020: $2.39/g (U.S. Average: $2.17/g)
- June 26, 2019: $3.09/g (U.S. Average: $2.69/g)
- June 26, 2018: $3.13/g (U.S. Average: $2.85/g)
- June 26, 2017: $2.64/g (U.S. Average: $2.25/g)
- June 26, 2016: $2.51/g (U.S. Average: $2.31/g)
- June 26, 2015: $3.02/g (U.S. Average: $2.78/g)
- June 26, 2014: $3.71/g (U.S. Average: $3.68/g)
- June 26, 2013: $3.82/g (U.S. Average: $3.54/g)
"While some states saw big increases from last week, I expect those states to see a calmer week ahead. Other states saw prices fall, and some like Arizona fell significantly as some of the kinks in supply have improved there over the last few weeks," said Patrick De Haan, head of petroleum analysis at GasBuddy.
Regional:
Neighboring areas and their unleaded gasoline average prices as of June 26:
- Oregon - $4.59
- Washington - $4.91
- Nevada - $4.20
- Utah - $3.98
- Montana - $3.69
- Wyoming - $3.59
"It's been another generally sideways week for the national average, which has remained stuck in the $3.50 to $3.60 per gallon range since late April with fundamentals generally holding pretty stable, even though oil prices have bounced around between $65 to $80 in the same timeframe," De Haan said.
While gas prices in the Pacific Northwest are generally trending downward, the national average remains essentially unchanged.
National:
GasBuddy data determined that the national average price of gasoline (for both unleaded gas and diesel gas) showed little to no variation from last week.
As of Monday, the national average for unleaded regular was $3.54 per gallon. That value is 1.5 cents less than one month ago and $1.34 less than one year ago. The national price of diesel fell 0.2 cents in the last week, averaging out at $3.84 per gallon.
"Ultimately, we could see the national average nudge a bit lower in the week ahead, should oil prices fail to rally. But, with developments including the Wagner group destabilizing and testing Russia, there can always be last minute shifts that impact prices, which we continue to watch for and hope the market remains calm," De Haan said.
Watch more Local News:
See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:
HERE ARE MORE WAYS TO GET NEWS FROM KTVB:
Download the KTVB News Mobile App
Apple iOS: Click here to download
Google Play: Click here to download
Stream Live for FREE on ROKU: Add the channel from the ROKU store or by searching 'KTVB'.
Stream Live for FREE on FIRE TV: Search ‘KTVB’ and click ‘Get’ to download.