Middle East escalations bring rising gas prices

The following is a news release from AAA Idaho.

BOISE – As tensions build across the Middle East, the influence is being felt at your local gas station. According to AAA, today’s average price for a gallon of regular in Idaho is $3.38, which is nine cents more than a week ago and seven cents more than a month ago, but about 19 cents less than a year ago.

The national average currently sits at $3.22, which is eight cents more than a week ago and two cents more than a month ago, but 23 cents cheaper than a year ago.

“We’re still faring better than a year ago, but the margin is shrinking,” says AAA Idaho public affairs director Matthew Conde. “Any time geopolitical tensions make the market jumpy, we risk seeing higher prices for crude oil. Add in the beginning of summer travel, and you’re looking at a one-two punch that is driving prices higher at the pump.”

The West Texas Intermediate benchmark for crude oil is currently trading near $70 per barrel, about $8 more than a month ago. Today, prices are easing slightly after approaching $74 per barrel late last week, but if the cost of crude climbs due to global supply chain issues or heightened conflicts in the Middle East, gas prices could follow suit.

Idaho currently ranks 8th in the country for the most expensive fuel behind California ($4.66), Hawaii ($4.48), Washington ($4.44), Oregon ($4.07), Nevada ($3.82), Alaska ($3.73), and Illinois ($3.43).

Here’s a look at Idaho gas prices as of June 23:

Boise – $3.32
Coeur d’Alene – $3.43
Franklin – $3.23
Idaho Falls – $3.32
Lewiston – $3.40
Pocatello – $3.36
Rexburg – $3.33
Twin Falls – $3.37

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