BOISE, Idaho — Month-to-month, gas prices around Idaho are significantly higher than they were a month ago, but weekly trends indicate that what's gone up is starting to go down.
Statewide, the average price for a gallon of regular unleaded on Monday, Feb. 27, was $3.67, about two cents lower than the average on Feb. 20, according to AAA. Looking county-by-county, average prices around Idaho range from $3.30 in Lemhi County to $4.01 in Blaine County.
The nationwide average of about $3.37 cents is down more than four cents from a week ago.
In Boise, GasBuddy's latest survey of 216 stations shows average prices within the city have fallen 1.5 cents per gallon in the last week, averaging $3.77 for a gallon of regular unleaded.
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"The national average has resumed its decline after a pause last week as oil and wholesale gasoline prices fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Some nine out of 10 states saw declines over the last week, so the drops are showing up for most across the country, with the exception of the West Coast as the transition to summer blends continues, and in the Great Lakes, where prices cycled last week but have now resumed declining."
While they've dropped slightly over the past week, prices in Boise are 26 cents a gallon higher than a month ago and more than 19 cents higher than a year ago. The national average, meanwhile, has dropped 17.6 cents per gallon in the past month. Here's a look at the historical Boise and nationwide averages for Feb. 27 going back 10 years.
The price of diesel, used to fuel large commercial trucks, farm vehicles, trains and ships, remains persistently high. The national average of $4.41 reported by AAA on Feb. 27 is down more than 27 cents a gallon over the past month, but it's 41 cents higher than a year ago. The average price for a gallon of diesel in Idaho is $4.59, down about three cents in the past week, down almost 15 cents over the past month, but 51 cents higher than a year ago.
One reason for the recent price decreases nationally is the lower cost of crude oil. West Texas Intermediate, the benchmark for crude oil, was trading at around $75 per barrel on Monday morning, nearly $5 less than a week ago. However, AAA cautions, if gas demand keeps rising amid tightening domestic gasoline stocks, "drivers may see an end to future pump-price drops."
For the weeks ahead, De Haan said, prices that traditionally increase as winter gives way to spring could at least partially be offset by inflationary data that continue to be "hotter than expected." A cooler outlook on the economy may reduce demand for oil.
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