BOISE, Idaho — Average gas prices nationwide and throughout Idaho dropped even lower this week, as many Americans have stayed close to home to reduce the spread of COVID-19, resulting in record levels of finished gasoline on hand.
The process has been further accelerated by an overabundance of cheap crude oil in the global market, according to the AAA.
“Today, twenty states have fuel prices that are a dollar or more per gallon less than they were a year ago, and Idaho is very close to joining their ranks with an average price that’s 98 cents cheaper today,” said AAA Idaho Public Affairs Director Matthew Conde. “As long as it remains necessary to take the health and safety precautions that we are, we can expect the trend to continue.”
For the week, Idaho had the biggest price drop in the nation at ten cents per gallon, tied with Alaska. On Monday, April 20, the Gem State’s average pump price is $1.93 for regular, which is 57 cents less than a month ago and 98 cents less than a year ago< Conde said. Meanwhile, the current U.S. price is $1.81, which is 36 cents less than a month ago and $1.03 cheaper than a year ago. Wisconsin currently offers the least expensive gas in the country at $1.22 per gallon.
“Refineries have really slowed down their production. They’re operating at 69 percent of capacity nationwide, and just 63 percent here in the Rockies, but that hasn’t stopped gasoline stocks from growing,” Conde explained. “Even after things get back to normal, which we all hope will happen soon, there’s going to be a big supply out there. But if the pent-up demand is strong enough to start draining it quickly, we can expect a substantial bump in gas prices to follow as we move further into the spring and summer travel season.”
U.S. gasoline demand held steady at just over five million barrels per day this week, and on Monday, one in four U.S. gas stations are selling fuel for $1.49 per gallon or less.
After a ten-cent decrease last week, Idaho (at $1.92/gallon) now joins regional neighbors Wyoming (at $1.94), Montana (at $1.87) and Colorado (at $1.77) on the list of states where drivers are paying less than two dollars per gallon. Utah (at $2.11) has the highest average price in the region. Total gasoline stocks in the region currently sit at 9.1 million barrels.
Here’s a sample of Monday’s gas prices across the Gem State:
Boise - $1.92
Coeur d’Alene - $1.69
Franklin - $2.15
Idaho Falls - $1.84
Lewiston - $1.98
Pocatello - $1.95
Twin Falls - $2.02