Fear of Idaho Gas Prices Rising from Conflict and Hurricanes has Dwindled

BOISE, Idaho (KMVT/KSVT) —Hurricanes rose fear about the price of oil jumping. In Idaho, the price of a regular gallon of gas is $3.44 which is two cents less than last week, 14 cents than a month ago, and 56 cents since last year with the national average being $3.20.

“With hurricane uncertainty, we saw strong regional demand – people topped off their gas tanks to brace for potential shortages,” says AAA Idaho public affairs director Matthew Conde. “Most of the supply chain issues are being resolved, and the seasonal drop in U.S. pump prices could resume soon.”

Gasoline demand surged by more than a million barrels per day to 9.56 million, according to the Energy Information Administration, which is likely the result of panic buying and topping off due to the above average hurricane season.

U.S. refinery production fell to 86.7% of capacity, while Rockies refineries held 87.7% of capacity. The West Texas Intermediate for crude oil is trading near $75 per barrel, which was $2 less than a week ago, $6 more than a month, but $12 less than a year ago.

“Gasoline stock levels fell, but production is still going strong, which should add some stability at the pump,” Conde said. “We’re hoping things will stay calm as we make our way through Halloween and election season.”

Last week, the price of crude oil spiked due to concerns in the Middle East missile attacks that targeted the country’s oil production and refineries. Fears are winding down but any escalation in Middle East conflicts may impact prices.

AAA is encouraging drivers to use reward points on gasoline and to ensure vehicles are running well and following procedure for effective fuel efficiency.