Gas prices drop to near $3/gallon

SANDPOINT — Don’t look now, but Idaho's gas prices are below the $3 mark in some parts of the state for the first time since March 2021.

According to AAA, Monday’s average price for a gallon of regular in the Gem State was $2.97, which is 8 cents less than a week ago, 30 cents less than a month ago, and 43 cents cheaper than a year ago. Meanwhile, the national average sits at $3.08 per gallon, which is a penny more than a week ago, a nickel less than a month ago, and 34 cents less than a year ago.

Idaho’s eight-cent drop was the second-largest in the country this week, and it ranks 25th in the U.S. for most expensive fuel.

In Bonner County, the prices for a gallon of regular unleaded gas is about $3.23. In Boundary County, prices are about $3.02 and at about $3 a gallon in Kootenai County.

“It’s been another good week at the pumps. Recent winter storms have calmed gasoline demand, with fewer drivers participating in the work commute or taking kids to school,” said AAA Idaho public affairs director Matthew Conde. “We’ll enjoy the savings for as long as they last, because when temperatures warm significantly, gas prices are likely to follow.”

According to the Energy Information Administration, gasoline demand dipped slightly to less than 8.3 million barrels per day. Gasoline stocks also increased by 3 million barrels. The combination of rising supply and falling demand helped pump prices drop this week.

The West Texas Intermediate benchmark for crude oil is trading near $76 per barrel today, which is about $4 more than a week ago and $2 more than a month ago, but $5 less than a year ago.

“Right now, crude prices are fairly stable, despite ongoing cuts by OPEC+,” Conde said. “As long as the market remains calm, crude oil and gasoline prices could follow.”

Here’s a look at Idaho gas prices as of Monday with price changes from a week ago: Boise, $3.01 (-12 cents); Franklin, $2.65 (-6 cents); Idaho Falls, $2.57 (-10 cents); and Lewiston, $3.32 (-23 cents).