Biz ‘Bite:’ Idaho gas prices drop again

According to AAA, Idaho’s average price for regular gas dropped by another six cents this week partially due to lower fuel demand and falling cost of crude oil. Today, the average price for regular in the Gem State is $4.41 per gallon, which is a decrease compared to recent weeks, but is 64 cents more expensive than a year ago. The national average currently sits at $3.68 per gallon. Idaho currently ranks seventh in the country for most expensive gas, following states in the Pacific Northwest.

“Lower fuel demand translates to lower pump prices, and we’ve also captured some savings in the recent switch to winter-blend fuel, which is cheaper to produce than summer-blend,” AAA Idaho public affairs director Matthew Conde said in a statement. “No major storms have made landfall in sensitive parts of the country to potentially disrupt the gasoline supply chain, but the weekly decline in the U.S. average was the smallest in months, which could be a signal that the trend of falling prices is starting to level off.  Hopefully, crude oil prices and fuel demand will continue to drop so that we all get more needed relief at the pump.” 

The West Texas Intermediate benchmark for crude oil is currently trading near $85 per barrel, which is about $2 less than a week ago and $6 less than a month ago, but $15 more than a year ago.