IDAHO, U.S. GAS PRICES DROP A PENNY IN A WEEK
BOISE – (September 21, 2020) – Drivers had plenty to be happy about when they filled up this week – according to AAA, gas prices remained stable or decreased in every state of the Union, a sure sign that fall weather and reduced road trips are beginning to have an effect.
After several weeks in the 9th spot, Idaho fuel prices recently traded places with Utah’s to jump into 8th place for most expensive gas prices in the country. Utah’s three-cent price drop on the week is the primary reason for the switch. Idaho pump prices are generally in the 7th to 9th place range.
“Idaho’s gas prices aren’t falling quite as fast as Utah’s – where most of our finished gasoline comes from – but they are falling,” says AAA Idaho spokesman Matthew Conde. “We’ve still got some warm days ahead, which may inspire some weekend getaways and some fall tourism from states with heavier COVID-19 restrictions, but once the temperature drops, the combination of lower demand and cheaper winter-blend fuel should bring some welcome savings at the pump.”
Today, the average price of regular fuel in Idaho is $2.44, which is a penny more expensive than a month ago, but 32 cents cheaper than a year ago. Meanwhile, the current U.S. average is $2.18, which is a penny cheaper than a month ago, and 49 cents cheaper than a year ago. The most expensive fuel in the country is in Hawaii at $3.23 per gallon, and the cheapest is in Mississippi at $1.85 per gallon.
Nationwide fuel demand increased slightly to 8.5 million barrels per day on the week, and fuel inventories slipped to 231.5 million barrels despite a 900,000 barrel-per-day uptick in production from U.S. refineries. Even so, gas prices failed to react.
Ongoing hurricane activity in the Gulf Coast continues to hamper recovery efforts at some refineries and oil rigs, which remain shuttered or have adjusted their seasonal maintenance schedules as part of their precautionary safety plans. But any effect on fuel prices is likely to be localized and site-specific.
After getting a little more expensive on the week, the West Texas Intermediate price for a barrel of crude oil has dropped today, and is currently trading near $39 per barrel, which is three dollars less than a month ago, and 19 dollars less than a year ago.
Idaho drivers can save money and reduce their trips to the gas station by bundling their errands, and by avoiding peak congestion times on Idaho roads. Maintaining adequate tire pressure can further improve fuel economy.
Here’s a sample of gas prices around the Gem State as of 9/21/20:
Boise - $2.47
Coeur d’Alene - $2.32
Franklin - $2.45
Idaho Falls - $2.33
Lewiston - $2.43
Pocatello - $2.46
Twin Falls - $2.45