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Gas prices in Idaho remain high due to Utah refinery fire

graph of gas prices

Gas prices spiked in Utah and Idaho after a refinery fire. Graph courtesy of Zions Bank.

Gas prices are up in Utah and Idaho for more than the usual traditional Fourth of July price hike.

Gas prices in the two states were affected by a March 12 fire at the HollyFrontier refinery in Woods Cross, Utah, according to a note written by Robert Spendlove, economic and public policy officer for Zions Bank. “While no one was injured, the damage was bad enough to take almost a third of its production offline for an extended period of time,” he wrote. “This lack of local production has led to higher gas prices in areas such as Utah and Idaho that rely on Wasatch Front refineries for much of their gas.

“Until HolyFrontier’s production capability gets back to normal, expect Intermountain states to keep some of the highest gas prices in the nation.”

At the same time, prices have been going up nationally due to concerns about President Donald Trump’s actions around Iran. “His ultimate announcement of withdrawal from the Iran deal and potential freezing of Iranian oil exports in early May helped cement the rise,” Spendlove wrote.

According to AAA Idaho, the U.S. average gas price is $2.85, 11 cents less than a month ago and 61 cents more than a year ago. In Idaho, the current price is $3.18, the same as a month ago and 59 cents more than a year ago. Idaho gas prices range from $3.10 in Hayden to $3.57 in Stanley, AAA said.

 

About Sharon Fisher

Sharon Fisher is an Idaho Business Review staff writer, covering financial institutions, technology, and business development. She holds a bachelor of science in computer science from Rensselaer Polytechnic Institute, and a masters in public administration and graduate certificates in geographic informational analysis and in community and regional planning from Boise State University. She likes explaining things and going to meetings. Join me on Twitter at @IBR_SLFisher.