Idaho Gas Prices Up by 20 cents in a Month, Largest Increase in U.S.
AAA says rising crude oil prices are affecting the prices
BOISE, ID - Idaho gas prices have jumped by 20 cents in the past month, the largest price increase in the entire country, according to AAA Idaho.
Motorists in the Boise area are being charged an average of 34 cents more per gallon than they did at the end of 2020. The statewide average is $2.45 per gallon. A month ago, it was closer to $2.25.
According to AAA, rising crude oil prices are pushing up the price at the pump.
Fortunately for those of us in Idaho, drivers in the Gem State are paying less than much of the country. The national average is $2.52 per gallon, an increase of 14 cents in the last month.
Despite the low demand of crude oil at the moment, prices have risen from $12 a barrel on New Year's Day, to almost $60 a barrel now.
"There is strong market optimism that COVID-19 vaccines will help restore economic activity and bring some demand for fuel back online, but right now, demand is pretty modest - just 7.7 million barrels per day," said AAA Idaho spokesman Matthew Conde. "If we see higher crude oil prices over a sustained period of time coupled with a spike in gasoline demand as the warm weather returns, that could pack a serious punch for the family budget in the weeks ahead."
The freezing conditions don't help maters either. AAA says the snowy weather has interrupted refinery activity and
distribution, which could ultimately shrink gas supply in some areas.
AAA also added that within a week, oil prices could exceed the highest price from last year.