Average Idaho gas prices set to hit $5 mark within a week, no signs of slowing down
The average price of gas in Idaho could hit the $5 mark for the first time in state history as soon as next week, according to AAA.
As of Monday afternoon, the average price of gas in the Gem State was $4.90, just above the national average of $4.87. But some counties in Idaho are well above the state average and are already selling gas at over $5, including a couple of gas stations in Ada County.
Just one week ago the price of gas in Idaho was $4.72 and a month ago it was $4.47. At this rate, AAA is anticipating Idaho’s gas prices to hit yet another record high and eclipse $5 within a week.
“For 10 states and the District of Columbia, the $5 mark is already in the rear-view mirror. Idaho could easily get there by the end of the week,” AAA Idaho public affairs director Matthew Conde stated in a press release.
“It’s strange that the phrase ‘record-high’ has become so monotonous,” Conde continued, “but prices are being topped just about every day, and that means that we could be in for a very challenging summer.”
AAA expects the price of gas to continue to climb until at least Independence Day. According to AAA, demand for gasoline hit 9 million barrels per day in the run-up to Memorial Day, yet gasoline stocks have fallen by 700,000 barrels and crude oil supplies by 14% since this time last year.
The Organization of Petroleum Exporting Countries (OPEC), which is composed of 13 oil-exporting countries such as Iran, Saudi Arabia and Venezuela, recently agreed to increase monthly production of oil by 648,000 barrels per day in July and August.
But the European Union’s efforts to implement a 90 percent ban on Russian crude imports by the end of 2022 are continuing to put a strain on gas prices worldwide.
The West Texas Intermediate benchmark, one of three benchmarks in oil pricing worldwide, is trading crude oil near $118 per barrel, $8 more than last month and $48 more than a year ago.
Gas prices in Idaho
With plenty of summer plans still to be fulfilled, Conde said that he doesn’t expect gas prices to improve soon.
“If these prices were hitting in the middle or end of summer, most drivers would probably be getting ready to call it quits,” Conde stated. “But with so many travel plans yet to be completed, some families are going to have a stubborn streak and move forward for the time being, regardless of what gas prices are doing.”
As of Monday, gas prices in Ada County averaged out at $4.88, but some gas stations have already eclipsed the $5 mark, such as the Chevron at 6450 S. Eisenman Rd. in Boise and Chevron at 150 W. Deer Flat Rd. in Kuna, which are both currently selling gas at $5.05 per gallon.
Several other gas stations in the county are also at $4.99, according to GasBuddy, and will likely eclipse $5 in the next couple of days.
Blaine County in central Idaho has the highest average cost of gas in the state at $5.13, and Bonneville County in east Idaho has the cheapest at $4.77.
Check out the interactive map below to see how much your county pays — the map updates daily with the most recently available prices.
