Bonner County gas prices show decline
Improvements are underway at Paul’s Chevron in Sandpoint.
(Photo by KEITH KINNAIRD)
SANDPOINT — Bonner County’s gas prices have finally dipped below the $2 per gallon mark.
Below is where the prices stood on Tuesday afternoon:
Dairy Depot — $1.98
Gas & Go — $1.99
Paul’s Chevron — Closed for improvements
Sagle Conoco — $1.99
Sandpoint Chevron — $1.95
Waterfront Texaco — $1.99
For the second week in a row, Idaho’s average gas price dropped 14 cents per gallon, according AAA Idaho.
Idaho’s average gas price is $2.17 per gallon, which is 39 cents more than a month ago and 82 cents less than a year ago.
Idaho currently ranks 11th in the nation for costliest gas prices, but usually falls in the seventh- to ninth-place range.
Stay-home orders, safety precautions and economic uncertainty surrounding the novel coronavirus pandemic are keeping motorists close to home despite the return of warm weather that triggers the start of road trip season and weekend getaways.
“According to the latest report from the Energy Information Administration, nationwide demand for fuel has dropped to just 6.7 million barrels per day, a level that we haven’t seen since 1993,” said AAA Idaho spokesman Matthew Conde. “The economic engine is definitely sputtering while we work to limit the effects of COVID-19, and gas prices are falling faster than expected.”
Gasoline stocks in the region remain about one million barrels higher than last year, despite regional refinery utilization rates dropping to 75 percent.
Meanwhile, global crude oil prices remain abnormally low amid an ongoing price war between Saudi Arabia and Russia, applying further downward pressure on gas prices. Today, the West Texas Intermediate benchmark for crude oil is trading near $27 per barrel, which is 14 dollars less than a month ago and 37 dollars less than a year ago.
Keith Kinnaird can be reached by email at kkinnaird@bonnercountydailybee.com and follow him on Twitter @KeithDailyBee.