BOISE – After weeks of hovering near the $4 mark, Idaho gas prices are slowly falling. According to AAA, today’s average price for a gallon of regular is $3.93, which is three cents less than a week ago and four cents less than a month ago.
Meanwhile, the national average currently sits at $3.54 per gallon, which is the same as a week ago and five cents less than a month ago.
Idaho currently ranks 7th in the country for most expensive fuel behind Washington ($4.96), California ($4.87), Hawaii ($4.69), Oregon ($4.62), Alaska ($4.31), and Nevada ($4.23).
“Our price drop in the Gem State is more like a slow balloon leak right now, but thankfully, it’s at least going down,” says AAA Idaho public affairs director Matthew Conde. “That can change if summer travel demand remains high, crude oil costs rise significantly, or a hurricane makes landfall in the Gulf Coast near a major refinery. Fingers crossed that the worst is behind us.”
The West Texas Intermediate benchmark for crude oil is currently trading near $74 per barrel, which is $4 more than a week ago and a month ago. Oil and gas prices have been tempered by fears of a recession, but if the market is convinced that travel demand will remain high, oil and gas prices could rise. According to the Energy Information Administration, gasoline demand increased slightly to 9.6 million barrels per day last week, while stocks decreased by 2.5 million barrels.
“Refineries in the Rockies region are producing at above 90% capacity for the third week in a row, so supply levels are looking good right now,” Conde said. “With pump prices where they are, we don’t expect many road trips to be canceled or postponed in the near future.”
Here’s a look at Idaho gas prices as of 7/10/23: