Idaho gas prices drop below national average for first time in months
Par Kermani
IDAHO FALLS, IDAHO (KIFI) — Idaho drivers are enjoying a rare break at the pump this January, with gas prices sitting below the national average and about 25 cents cheaper than this time last year.
Nationally, the average price of gasoline is about 30 cents lower than a year ago. While Idaho typically ranks in the top 10 for the most expensive fuel in the nation, it is currently ranked 23rd.
“January is going to be your cheapest price,” said Matthew Conde, public and government affairs director for AAA Idaho. “We’re enjoying the savings, where it is unusual that we’re cheaper than the national average.”
The savings may not last long. Crude oil, which makes up about half the cost of a gallon of gas, remains the key factor to watch during geopolitical uncertainty.
“One of the big things you have to keep your eye on is crude oil,” Conde said, pointing to tensions involving Iran and Venezuela. “If the market becomes nervous, then the prices tend to go up for oil. And if that happens, then it’ll take those gas prices with it.”
Even if prices rise into spring and summer, starting from a lower “bar” in January could mean drivers still pay less than they did last year.
According to Conde, that could help fuel more road trips following record-breaking holiday travel last year, when about 90% of trips were by car. For those making “save more” a New Year’s resolution, experts say now is the time to maximize discounts.
“I recommend taking full advantage of those fuel rewards points,” Conde said. “The credit card companies and grocery stores want your business. I have a close friend who buys gift cards at the grocery store to accomplish two things: she uses them for restaurants she was going to visit anyway, but she also gets grocery credit for those purchases. It’s a double dip that can max out fuel rewards, saving an additional 30 to 50 cents per gallon.”
As for where to find the cheapest gas, the answer depends on the market. Some large retailers sell fuel at or near cost to draw shoppers inside, but prices can vary widely by location.
“Most people have their favorite spot,” Conde said, noting that drivers are unlikely to travel 15 miles out of their way just to save a few cents per gallon.