Drop in Idaho’s Average Gas Prices

Drop in Idaho’s Average Gas Prices

An average price of $2.22 per gallon has been paid by Idahoans for regular grade gasoline, which is the lowest level since May 2009.

"Consumers are benefitting from plummeting gasoline prices. That's been great for Idahoans who had been paying among the nation's highest prices for six months", said AAA Idaho spokesman Dave Carlson.

Oil comes under commodity and its pricing is done on the basis of supply and demand factors. On Monday, West Texas Intermediate closed at $53.61 a barrel on NYMEX. The figure was down from $99 a barrel a year ago.

Due to lower driving demand at this time of year, oil prices usually witness a decline. The response from oil dealers and producers is essential for determining how low prices can go and when they will go up. Chances are high for investors and producers to discontinue because of current financial conditions.

The Energy Information Administration recently did the revision of earlier predictions. According to it, US gas prices will be kept around the $2.60 mark in 2015 because of low oil prices. According to AAA Idaho, the average US mark for 2014 was $3.35 per gallon.

Average price for Idaho was $3.40 a gallon for the year. There is a possibility that sustained lower prices for oil will probably effect in prices below those marks in 2015.

At the moment, two states have average prices below $2 per gallon. Missouri has an average gas price of $1.92 and Oklahoma has $1.98. In every state, the average price is 30 cents lower than one month ago. One of four states with month-over-month decrease of minimum 75 cents is Idaho.

For the first half of 2014, average prices of Idaho were well below the national average but increased in June as oil prices started to fall. From June through September, average price of Idaho was $2.72 a gallon.

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