Gas prices jump in region
SANDPOINT – Gas prices in the region jumped over the past week, capping a turbulent week at the pump.
The average price for a gallon of regular unleaded in the Sandpoint area ranged from $3.83 to $3.99, according to way.com. In Kootenai County, prices ranged from about $3.35 to around $3.65 for a gallon of regular unleaded.
The average price for a gallon of regular unleaded in the Gem State on Monday was $3.64, which is 6 cents more than a week ago and 5 cents more than a month ago.
Meanwhile, the national average sits at $3.67 per gallon, which is the same as a week ago and 23 cents more than a month ago, according to AAA.
Idaho ranks 15th in the country for most expensive fill-ups.
“To end the week, gasoline demand fell nationwide, fuel supplies increased, the cost of crude oil dropped, and regional refineries increased production. Those factors helped rising gas prices tap the brakes over the past few days,” said AAA Idaho public affairs director Matthew Conde.
Today’s most expensive gasoline is in California ($4.90), Hawaii ($4.77), Arizona ($4.69), Washington ($4.58), and Nevada ($4.27). At $3.14 per gallon, the cheapest place to fill up is Mississippi.
Some Idaho gas prices as of Monday: Boise, $3.72; Franklin, $3.68; Idaho Falls, $3.42; Lewiston, $3.55 and Twin Falls, $3.64.
Today’s most expensive gasoline is in California ($4.90), Hawaii ($4.77), Arizona ($4.69), Washington ($4.58), and Nevada ($4.27). At $3.14 per gallon, the cheapest place to fill up is Mississippi.
According to the Energy Information Administration, gas demand dropped from 9 to 8.5 million barrels per day last week, and refineries in the Rockies region boosted production from 83% to nearly 91%. If demand remains low and production remains high, Idaho drivers could see little or no price movement this week, or perhaps even a slight decrease.
Amid market concerns that future interest rate hikes could tip the economy into a recession, the West Texas Intermediate benchmark for crude oil is currently trading near $79 per barrel, which is $2 less than a week ago but $10 more than a month ago. Because the cost of crude makes up more than half of the price of finished gasoline, any long-term dip in oil prices would apply downward pressure on gas prices.