Slight relief at the pump is only temporary

Listen to this article

Due to tensions in the Middle East and the ramp up to summer, gas prices have soared in the last few weeks up from around the $3 mark. A slight lull has created some relief.

The average price for a gallon of gas is 4 cents cheaper than a week ago, according to AAA Idaho, but those prices will more than likely be increasing again.

On Monday, the benchmark U.S. crude oil for June delivery rose 37 cents to $78.49 per barrel. Wholesale gasoline for June delivery rose 3 cents to $2.59 a gallon. In Idaho, that equates to a statewide average price of about $3.88 per gallon.

The Energy Information Administration reported that gas demand rose this week by 200,000 barrels per day to 8.6 million and stock levels dipped slightly, AAA stated in a release.

Idaho ranks as the ninth most expensive state in the U.S. for a gallon of gas behind California at $5.35 per gallon; Hawaii at $4.80 per gallon; Nevada at $4.53 per gallon; Oregon at $4.47 per gallon; Alaska at $4.38 per gallon, Arizona at $4.03 per gallon; and Illinois at $3.90 per gallon.

Mississippi holds the honor of the cheapest state in the country at $3.11 per gallon. As of Tuesday, the cheapest price for a gallon of gas in Idaho was at Sam’s Club in Idaho Falls at $3.44. Costco in that same city was $3.47 per gallon, according to gasbuddy.com.

“This winter, it was a lot friendlier on our wallets to fill up, with Idaho pump prices reaching their lowest point in nearly three years,” said Matthew Conde, public affairs director for AAA Idaho. “But after several weeks of price hikes, the past few weeks have been a bit of a lull. Unfortunately, we expect the recent savings to be short-lived. In the run up to Memorial Day, we anticipate strong demand that could easily push gas prices the other direction.”

According to Conde, the U.S. recently announced plans to allow the sale of fuel known as E15, which contains up to 15% ethanol throughout the summer months to help shore up prices and supplies. However, it’s still too early to tell what effect that will have on prices.