According to AAA, future gas prices will rise as a result of greater demand than anticipated.
According to KTVB,For drivers in Idaho, the average cost of a gallon of gas is $4.15. The rising price of crude oil, though, has them concerned about future costs.
Matthew Conde, the Idaho public affairs director for AAA, stated, “Unfortunately, it’s difficult to view the current lull with much optimism.” The price of petroleum is rising due to higher-than-anticipated demand and OPEC’s recent decision that production cuts will continue through the end of the year. If this trend continues, we may experience further price increases at the pump.
According to data from West Texas Intermediate, the price of crude oil is currently about $88 per barrel, $5 higher than one month ago.
According to article from GasPrice, The Energy Information Administration (EIA) just released new statistics showing that gas demand increased last week, rising from 8.85 to 8.91 million b/d. The total domestic gasoline stock, which was previously 216.2 million bbl, is now 217.6 million bbl. Despite rising demand, prices were driven down by rising stock levels.
Idaho prices have decreased by 2.4 cents, according to data from GasBuddy. They believe switching to a gas with a winter blend will help keep gas prices down.
In a news release, Patrick De Haan stated, “I’m hoping this year won’t be any different. Fall tends to bring falling gas prices.”
Currently, Idaho has the ninth-highest gas prices in the US.