Russia’s Ukraine invasion drives Boise gas prices so high they just broke this record
Gas prices have surpassed $4 for the first time since 2008. Though the war in Ukraine may seem far away, that hasn’t stopped prices from being affected in Boise.
In just one week, Boise prices have jumped from an average $3.61 to $4.19, according to AAA Idaho. That’s a record. Until Tuesday, Boise’s highest average gas price was $4.12, set on July 15, 2008.
Idaho’s state average, which was $4.05 on Tuesday, was still short of the record state average of $4.16 set on July 19, 2008.
The main driver of the price increase is the war in Ukraine caused by Russia’s invasion. Prices could climb even higher as countries place sanctions on Russian oil. President Joe Biden on Tuesday banned U.S. imports of Russian oil and natural gas.
“It would have seemed ridiculous to talk about $4.50 a gallon, but it’s definitely something we have to be thinking about at this point,” AAA Idaho spokesperson Matthew Conde said. “I’m not sure where it all ends.”
Conde said gas prices normally peak sometime between Memorial Day and the Fourth of July.
The price of West Texas Intermediate Crude Oil, which is used as the benchmark for crude oil across the country, was trading Monday near $117 per barrel, according to AAA. That was $19 more than a week ago and $52 more than a year ago.
The rest of Idaho is still below $4 per gallon. Conde attributes that to smaller population sizes and lower numbers of tourists passing through. As of Monday, Idaho Falls was the city with the lowest prices, averaging $3.79. But Conde predicts that the rest of Idaho will see $4 price tags by the end of the week.
As warmer weather nears, these prices may mean people begin to change travel plans. Some may stick to destinations closer to home or, depending on the price increase, cancel trips altogether.
“As people start thinking about spring break and getting over into maybe Yellowstone or the Grand Tetons or other places, college kids leaving and coming in, you could certainly see some traction there,” Conde said.
This story was originally published March 7, 2022 at 5:56 PM.
