Time: 2024-06-28
Gas prices in Idaho continue to decline, offering relief to drivers at the pump. According to A, the average price for a gallon of regular in the Gem State was $3.55 on Monday, which was 3 cents less than a week ago, 23 cents less than a month ago, and 43 cents less than a year ago. This decrease in prices is a welcome change for Idaho residents, especially as the state remains in 12th place in the nation for most expensive fuel.
In Bonner County, the average cost of a gallon of unleaded gasoline is $3.67 per gallon. In Boundary County, the average cost of a gallon of unleaded gasoline is $3.50. Kootenai County prices range from the $3.20s to $3.50s for a gallon of gas. These variations in prices across different counties reflect the overall trend of decreasing gas prices in the state.
A Idaho public affairs director Matthew Conde noted that the recent drop in gas prices may soon come to an end as the summer season progresses. With the Fourth of July approaching and a record number of travelers expected to hit the roads and airports, the current period of savings at the pump may not last long. The strong refinery production in recent weeks has helped offset rising demand, but issues at refineries in Corpus Christi and Wood River may disrupt this trend in the near future.
Refineries across the nation are currently operating at 93.5% of capacity, with Rockies refineries showing an increase in production. Despite this, storm-related issues and heat-related problems at specific refineries could impact the supply chain and prices at the pump. The West Texas Intermediate benchmark for crude oil is trading near $82 per barrel, marking an increase from previous months. This recent uptick in crude oil prices is an anomaly, as oil prices have mostly remained below the $80 mark since May.
A warns that extreme weather conditions, such as temperatures reaching 100 degrees or higher, could lead to more breakdowns at refineries, affecting the overall supply chain. Additionally, a hurricane near a major refinery or metropolitan area could inject additional chaos into the system, further impacting gas prices for consumers.
In terms of specific gas prices in Idaho as of Monday, Boise was at $3.58, Coeur d'Alene at $3.49, Franklin at $3.55, Idaho Falls at $3.33, Lewiston at $3.62, Pocatello at $3.46, Rexburg at $3.55, and Twin Falls at $3.56. These prices give drivers an insight into the current state of gas prices in different regions of Idaho, as fluctuations continue in response to various factors affecting the oil market.
Overall, while Idaho residents are currently benefiting from lower gas prices, the future remains uncertain as external factors could influence prices at the pump in the coming weeks.
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