Gas prices in Idaho drop this week
BOISE, Idaho (KMVT / KSVT) – Idaho pilots have seen relief at the pump this week, but the sentiment could be short-lived. According to AAA, the rise in the price of crude oil could keep gas prices at a high level until the fall.
Today, the average price of regular in Gem State is $ 3.75 a gallon, two cents less than a week ago and a nickel less than a month ago. Meanwhile, the US average currently stands at $ 3.19, one penny less than a week ago and four cents less than a month ago. As the demand for fuel decreases as people stay closer to home, the pressure on the supply side increases.
“OPEC’s crude oil production has been well below expectations this year, and nearly 16% of production in the Gulf of Mexico is still offline as a result of Hurricanes Ida and Nicholas,” said the AAA Idaho spokesperson Matthew Conde. “Add to the reports that the Federal Reserve could raise interest rates in 2022 and end the bond buying program that has supported the economy since the start of the pandemic, and you have a really nervous market right now. . “
This week, gasoline prices have fluctuated across the country, with the biggest changes in Michigan (+8 cents) and Ohio (-8 cents).
“The return of cold could lower fuel demand in the coming weeks, which could help balance the scales with rising crude oil prices,” Conde said. “But in the short term, drivers could easily see prices at the pump swing back and forth.”
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