BOISE, Idaho — Gas prices are down 1.8 cents this week and, according to AAA, the average price of gas in Idaho is $3.93 a gallon. But both AAA and Gas Buddy warn that prices could begin to rise due to crude oil cost, summer demand and if there are storm or unexpected outages.
"After declining going into July 4, average gasoline prices have struggled to find much momentum in either direction as the price of crude oil has continued to bounce around, digesting offsetting news on both sides of the scale: supply, which OPEC+ continues to try and tighten, and weak global demand as monetary policy restrains growth," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I don't see much chance of a major break out of the tight range we've held since April, but there is rising risk for hurricane season and potential disruptions as major forecaster Colorado State University released its third forecast for 2023 hurricane season, showing a sharp uptick in the number of expected major hurricanes. Heading into the prime of summer gasoline demand, any disruptions, whether storms or unexpected outages and what might be a small challenge outside of the summer driving season, could be a larger problem, so there is some risk to gas prices going into the second half of summer."
Currently, a gallon of gas costs three cents less than last week, the national average is $3.54. Idaho ranks 7th in the country for most expensive gas.
"Our price drop in the Gem State is more like a slow balloon leak right now, but thankfully, it's at least going down," said AAA Idaho public affairs director Matthew Conde. "That can change if summer travel demand remains high, crude oil costs rise significantly, or a hurricane makes landfall in the Gulf Coast near a major refinery. Fingers crossed that the worst is behind us."
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.