Wednesday, October 27, 2021

US gas prices hit highest level since 2014


BOISE, Idaho (KIFI) – According to AAA, the national average price for regular gas hit $3.39 per gallon this week, the highest it’s been since September 2014.

Rising fuel demand, tightening supplies and the high price of crude oil are all playing a part in higher prices at the pump.

Meanwhile, at $3.72 per gallon, Idaho drivers are paying much more than the U.S. average, but prices here have been slowly falling since Labor Day. This week, Idaho traded places with Alaska, dropping to 7th in the country for most expensive fuel.

Here’s a look at Idaho gas prices as of 10/25/21:

  • Boise - $3.82
  • Coeur d’Alene - $3.41
  • Franklin - $3.68
  • Idaho Falls - $3.65
  • Lewiston - $3.37
  • Pocatello - $3.76
  • Twin Falls - $3.81

“The rising price of crude oil, now climbing toward $84 per barrel, is a bad omen, but it doesn’t appear to be changing anyone’s driving behavior just yet,” AAA Idaho spokesman Matthew Conde said. “Fuel demand jumped by nearly 400,000 barrels per day this week, which suggests that people are determined to push through the pain at the pump to continue their normal activities.”

Domestic crude oil stocks currently sit at 426 million barrels, which is 13% below last year.

At $3.39, the U.S. average is six cents higher than a week ago and 20 cents higher than a month ago. Idaho’s current average of $3.72 is the same as a week ago and three cents less than a month ago. This week, eight states saw prices jump ten cents or more. The most expensive fuel in the country is in California at $4.54 per gallon, while the cheapest gas can be found in Oklahoma at $3.01 per gallon. No state average is below the $3 mark this week.

“The cost of crude oil accounts for half of the price of finished gasoline, so as long as crude remains expensive, pump prices will follow. But tight supplies are making the problem worse,” Conde said. “The best thing drivers can do is bundle their errands and avoid rush-hour travel if possible. That could help drive down demand and relieve a little bit of pressure in the market.”

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