Gas Prices Continue to Fall in Idaho
TWIN FALLS, Idaho (KLIX) – Ethan Parker doesn’t have to travel very far. The Twin Falls resident lives and works in town – but he’s still happy that gas prices are relatively low.
“I just don’t expect it to last,” he said. “The prices will eventually go back up.”
Before we see any spikes in gas prices, however, we may actually see them dip further due to reduced seasonal demand and falling crude oil prices, according to AAA Idaho. If that’s the case, it could send prices at the pump to their lowest mark in six years.
“Global oversupply, weak seasonal demand, and the anticipation that even more oil will enter the marketplace – via the lifting of sanctions on Iran—are feeding a ‘lower-for-longer’ sentiment among speculators,” said AAA Idaho spokesman Dave Carlson.
“We assumed the bottom of the gas price slide would have occurred by now, but the market may need sharp adjustments in supply to bring the crude oil market more into balance.”
Nationwide, the average gasoline price has been $2 or less for the past 27 consecutive days. The average U.S. price of $1.83 accounts for a 16-cent decline since Jan. 1, yet Idaho and other primarily western states are not quite there yet. At $2.03 a gallon, Idaho’s average price is eighth highest in the country and down a dime in the same period.
At Maverick in downtown Twin Falls, where Parker was filling his tank Tuesday afternoon, regular unleaded gasoline was selling for $1.89 a gallon, 10 cents higher than the larger Maverick on the corner of Blue Lakes Blvd. and Falls Ave., but still lower than the statewide average.
Mr. Gas, also on Blue Lakes and Falls Ave., was selling regular unleaded for $1.89 a gallon – but 5 cents cheaper for those who pay with cash, said store manager Matthew Vincent.
Vincent said he hasn’t noticed a huge difference in the number of customers buying gas at current prices – “we all have to travel no matter what the gas prices are,” he said – but some of them are buying more of it.
“Some people will come in and fill big drums with diesel,” he said.
The price of diesel fuel at the store on Tuesday was $2.19. Vincent said while there’s a lot of purchasing options in town, his biggest competitors are Costco, Maverick and Walmart, which recently opened a gas station at its Twin Falls location.
Several stores in Jerome on Tuesday listed gas prices between $1.95 and $2.05.
While Idaho’s average price continues to fall, it’s still 17 cents higher than a year ago, when the Gem State average was among the lowest in the country.
Average prices of gasoline around the state, according to AAA Idaho: Boise, $2.05; Coeur d’Alene, $1.87; Idaho Falls, $1.97; Lewiston, $2.03; Nampa, $2.06; Pocatello, $1.97; Twin Falls, $1.96.