Idahoans may get the gift of $3 gasoline soon

The following is a news release from AAA Idaho.

BOISE – It’s the most wonderful time of the year. That’s a lyric from a popular Christmas song, and a feeling that many Idaho drivers may have the next time they stop to fill up.

According to AAA, Monday’s average price for a gallon of regular in the Gem State is $3.11 – 12 cents less than a week ago and 21 cents less than a month ago, but eight cents more than a year ago.

The national average currently sits at $2.95 per gallon, with 36 states now at or below the $3 mark. Idaho currently ranks 11th in the country for the most expensive fuel, falling out of the top 10 for the first time in several months.

“It’s pretty exciting to see the state average approaching $3, and several cities in our state could drop below that mark soon,” says AAA Idaho public affairs director Matthew Conde. “As families embark on holiday trips and shopping sprees, the timing of cheaper fuel couldn’t be better.”

The West Texas Intermediate benchmark for crude oil is currently trading at $59 per barrel, which is about the same as a month ago and about $9 cheaper than a year ago. A lower cost of crude oil is a strong indicator that lower gas prices may be on the way.

According to the Energy Information Administration, gasoline supplies increased by five million barrels, while crude oil stocks increased by 600,000 barrels. Meanwhile, gasoline demand dropped by more than 100,000 barrels per day. Increased supply and lower demand may apply downward pressure on gas prices this week.

Here’s a look at Idaho gas prices as of Dec. 8:

Boise – $3.13
Coeur d’Alene – $2.99
Franklin – $2.99
Idaho Falls – $3.02
Lewiston – $3.02
Pocatello – $3.11
Rexburg – $3.01
Twin Falls – $3.18

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