Gem State gas cheaper than the national average for the first time in over a year
BOISE – (January 29, 2018) – Although gas prices are higher than they were last year, Idahoans found a silver lining today amidst the pump price gloom – for the first time in more than a year, Gem State motorists are paying less than the national average.
“For the month of January, the national average and Idaho’s average price have been within a nickel of each other,” said Matthew Conde, public affairs director for AAA Idaho. “With a surge in the past few days, the national average overtook Idaho’s gas price – the first time that’s happened since January 10 of last year.”
After a lengthy stay in the top ten for most expensive gas prices, Idaho currently ranks 24th in the nation. Today’s U.S. average pump price is $2.58, which is ten cents more than a month ago and 30 cents more than a year ago. In the Gem State, the current average price is $2.57, an increase of just 2.5 cents over the last month, and 19 cents more than a year ago.
“With part of the country experiencing an unusually frigid winter, reduced demand for gasoline could be offset to some extent by increased demand for heating oil, keeping some upward pressure on oil and gas prices in those areas,” Conde said. “Where the weather has been more mild, fuel demand remains high. These market factors contributed to the recent three-year low in U.S. crude oil inventory, and partially explain why the national average continues to climb.”
At the close of Friday’s trading session, the West Texas Intermediate crude oil benchmark increased 63 cents to settle at $66.14. Today, the WTI is currently trading near $65.50. Last week, the U.S. oil rig count increased by 12, raising the total to 759. Even as large producers like the United States resist market controls due to OPEC’s production cuts, continued high demand across the spectrum of crude oil products could continue to push U.S. pump prices higher in the coming weeks.
The United States is on track to reach a new oil production record sometime this year – 10 million barrels per day. As long as global crude oil prices remain high, domestic production will continue to expand.
While total refinery utilization on the West Coast dropped from 96.9 percent to 88.6 percent due to scheduled maintenance, refineries in the Rockies region continue uninterrupted. Regional gas inventories took a small draw in the last week, but at levels above seven million barrels, there is a sufficient supply of fuel at this time.
AAA’s mobile app can be used to find the cheapest gas prices in the area. For more information, go to AAA.com, or download the app for Apple or Android smartphones.
“Idaho prices are fairly stubborn for now, but we would expect to see them follow the national average if that upward trend continues,” Conde said. “In the meantime, Idahoans can take some small comfort in knowing that current fuel prices are in line with the rest of the country.”
Here’s a look at gas prices across the Gem State: Ammon, $2.38; Arco, $2.55; Blackfoot, $2.51; Boise, $2.62; Bonners Ferry, $2.72; Burley, $2.49; Cascade, $3.02; Coeur d’Alene, $2.53; Chubbuck, $2.43; Dalton Gardens, $2.51; Dubois, $2.60; Franklin, $2.52; Glenns Ferry, $2.57; Hagerman, $2.66; Idaho Falls, $2.40; Jerome, $2.60; Ketchum, $2.86; Kimberly, $2.63; Lewiston, $2.65; Marsing, $2.58; Moscow, $2.81; Nampa, $2.58; Orofino, $2.65; Parma, $2.66; Pocatello, $2.46; Post Falls, $2.58; Rexburg, $2.53; Shelley, $2.39; Twin Falls, $2.54; Wallace, $2.64.