BOISE, Idaho —
There could be more trouble on the horizon for drivers at the pump. With the volatility of the crude oil market, tight fuel supplies, and a growing demand, both the national and the Idaho average gas prices are likely to reach $5 per gallon by the end of the week, according to AAA.
Idaho’s average price for regular gas is $4.90 per gallon, 18 cents more than a week ago, 43 cents higher than a month ago, and $1.62 higher than a year ago, according to AAA.
The national average is currently at $4.87, 25 cents more than a week ago, 59 cents higher than a month ago, and $1.82 higher than a year ago. Idaho is currently ranked 19th in the country for the most expensive fuel prices, according to AAA.
"For 10 states and the District of Columbia, the $5 mark is already in the rear-view mirror. Idaho could easily get there by the end of the week," said AAA Idaho public affairs director Matthew Conde. "It's strange that the phrase 'record-high' has become so monotonous, but prices are being topped just about every day, and that means that we could be in for a very challenging summer."
The West Texas Intermediate benchmark for crude oil is currently trading at nearly $118 per barrel, $8 more than a month ago and $48 more than a year ago, according to AAA. The Organization of Petroleum Exporting Countries (OPEC) agreed to increase monthly production by 648,000 barrels each day for July and August; however, the European union’s efforts to implement a 90% ban on Russian crude imports is putting additional pressure on prices, according to AAA.
Demand for gasoline is also growing, according to AAA, with demand hitting 9 million barrels per day. If the trend of rising demand continues amid a tight supply, prices will likely continue climbing leading up to Independence Day.
"If these prices were hitting in the middle or end of summer, most drivers would probably be getting ready to call it quits," Conde said. "But with so many travel plans yet to be completed, some families are going to have a stubborn streak and move forward for the time being, regardless of what gas prices are doing."
Here's a look at Idaho gas prices as of 6/6/2022:
- Boise - $4.90
- Coeur d'Alene - $4.89
- Franklin - $4.79
- Idaho Falls - $4.79
- Lewiston - $4.94
- Pocatello - $4.81
- Rexburg - $4.92
- Twin Falls - $4.96
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