BOISE, Idaho — AAA Idaho and GasBuddy both report that the Gem State is in somewhat of a slump when it comes to high prices at the gas pump.
"If the economy were an airplane, the captain would be asking everyone to buckle up and prepare for turbulence," said AAA Idaho Public Affairs Director Matthew Conde.
According to AAA, the average price for a gallon of regular gasoline in the state of Idaho was $3.89, as of Monday, June 5 - which GasBuddy found to also be the average price in Boise.
The value amounts to a 6-cent increase for the state from last week and 13 cents more than Idaho's average one month ago. A bronze lining, perhaps, AAA also reports that the current price is $1 per gallon cheaper than one year ago.
According to GasBuddy's survey of 216 gas stations in Boise, the cheapest station in was priced at $3.42 per gallon, while the most expensive was $4.19 per gallon - a difference of 77 cents per gallon.
Regional:
Idaho made the Top 10 list!
Unfortunately, this isn't the kind of list we want to be on. As of Monday, Idaho was ranked 9th in the country for 'most expensive fuel.' At least the Gem State is cheaper than its neighbors. With the average price tag in Idaho standing at $3.89 per gallon - the state comes in 9th behind California ($4.87), Hawaii ($4.73), Washington ($4.71), Arizona ($4.42), Oregon ($4.28), Nevada ($4.27), Utah ($4.14), and Alaska ($3.97).
Idaho gas prices as of 06/05/23:
- Boise - $3.89
- Coeur d'Alene - $3.90
- Franklin - $4.16
- Idaho Falls - $3.76
- Lewiston - $3.89
- Pocatello - $3.88
- Rexburg - $3.81
- Twin Falls - $3.84
National:
Conde attributes the uncomfortable twists and turns at the pump to crude oil costs abroad and economic recession concerns in the U.S.
"On one hand, fuel demand will trend higher throughout the busy summer driving season, which could move crude and gasoline prices higher, especially when coupled with Saudi Arabia's announcement over the weekend that it will cut another 1 million barrels in crude oil production per day," said Conde.
"On the other hand, inflation concerns and continued fears over the possibility of a global recession may curb some of the price spikes that we'd otherwise see. From a price standpoint, it could be a really topsy-turvy summer."
AAA reported that the national average price per gallon of gas was $3.55. Slightly variating from AAA's calculation, GasBuddy determined the national average to be $3.51 per gallon.
The national average cost is down 1.7 cents per gallon from one month ago and $1.34 cheaper than a year ago,
"While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production," explains Patrick De Haan, head of petroleum analysis at GasBuddy.
"As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result," De Haan said. "Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn't been as strong as expected, the cut failed to hold oil prices up."
De Haan said that Americans could see price hikes as early as mid-week as a result of the production cut and increased oil prices.
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