Idaho's Average Gasoline Price Expected to Hit $4.50 a Gallon

TWIN FALLS, Idaho (KLIX)-AAA Idaho says the average price for a gallon of gasoline could hit $4.50 within the week. Already this week Idaho's average price for a gallon jumped four cents a gallon to $4.48 and is expected to set a new record high in a few days.

Some Idaho Towns at $4.50 a Gallon for Gas

Already several cities across the state have hit an average of $4.50 a gallon or more including Boise, Rexburg, and Twin Falls. AAA says high fuel demand and unstable crude oil market is pushing prices even higher across the country.

Fuel Prices Expected to Climb Even More Around Memorial Day Weekend

“Ten states and the District of Columbia are already over the $4.50 mark today, and Utah, the supplier for most of our gasoline products, is right on the verge. It doesn’t bode well for Idaho drivers,” says AAA Idaho public affairs director Matthew Conde in a prepared statement. “With Memorial Day and a busy travel season ahead, fuel demand is likely to push pump prices even higher in the coming weeks.” Right now Idaho is 13th in the country for the priciest fuel. The national average right now is $4.33 a gallon.

Conflict and Fuel Supply Impacting Crude Oil Prices

Again, issues surrounding the conflict in Ukraine is fueling the turmoil in the oil markets as the European Union announced a proposal to ban oil imports out of Russia within months, according to AAA. Plus, domestic supplies of crude is down nearly 15 percent from a year ago. Combined with increased demand for fuel has resulted in escalating prices at the pump.

Diesel Fuel Prices Climbs Even Higher

The national average price of diesel, which most freight vehicles run on, sits at $5.55 a gallon and has jumped 13 cents in just a week. The average in Idaho for diesel is $5.35, up 11 cents from a week ago.

Photo by Benito Baeza