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Mixed signals - and a mess - on gas prices

Coeur d'Alene Press | UPDATED 13 years, 6 months AGO
| November 8, 2011 11:16 AM

BOISE - Idahoans are paying less for gas, but 13 cents a gallon more than their U.S. counterparts, though where you live might also have an impact. And that's just the start of a host of mixed signals that is defying the savviest market watchers, according to AAA Idaho.

"This isn't the first time we've mentioned multiple and conflicting factors with petroleum prices this year and it may not be the last," said AAA Idaho Public Affairs Director Dave Carlson.

Consider what have been going on, of late:

* Oil prices have shot up more than $20 a barrel, from $75.67 on October 4 to more than $96 today.

* Idaho's pump prices were actually lower earlier this year, when oil prices were above $100 a barrel.

* Idaho's pump prices have been extremely slow to react to changes in oil prices, including not dropping at all when oil fell in July, and even seeming to go up when oil was hitting its lowest marks in September and October.

* Idaho's gas prices have dropped, from $3.72 on October 4 to $3.54 today. But that's still 13 cents higher than the national average of $3.41 today. Incidentally, the U.S. mark was $3.43 on October 4, rising to as high as $3.47 two weeks ago, before dropping to the current $3.41 mark.

* Gas prices are at their highest level ever for this time of the year, well above the $2.95 and $2.85 prices for Idaho and U.S. respectively from a year ago.

* U.S. demand this year is down about 4 percent compared to 2010.

* Among seven Idaho cities today, prices range from $3.35 in Pocatello to $3.66 in Twin Falls.

"Generally, the fortunes of oil are a fairly accurate harbinger of what will happen at the pump," Carlson said, but factors ranging from the Euro zone debt crisis, sluggish demand and the strength (or lack thereof) of the dollar relative to other currencies make the tough job of predicting gas prices even tougher.

As for the huge current variances in prices throughout Idaho, local retailers seem to be exerting more influence, either to compete with lower prices, or to hold on for profit's sake, Carlson said.

"But if oil prices continue to climb, higher pump prices may be around the corner," Carlson said.

Here's a look at average gasoline prices in selected Idaho cities, based on AAA's Fuel Price Finder at www.AAA.com

Idaho Falls, Today, $3.40; Week ago, $3.41; Month ago, $3.63; Year ago, $2.81

Pocatello, Today, $3.35, Week ago, $3.36, Month ago, $3.57; Year ago, $2.86

Twin Falls, Today, $3.66; Week ago, $3.69; Month ago, 3.76; Year ago, $3.96

Lewiston, Today, $3.62; Week ago, $3.65; Month ago, $3.69; Year ago, $2.88

Coeur d'Alene, Today, $3.55; Week ago, $3.56; Month ago, 3.59; Year ago, $2.90

Nampa, Today, $3.52; Week ago, $3.58; Month ago, $3.70; Year ago, $2.97

Boise, Today, $3.48; Week ago, $3.51; Month ago, $3.68; Year ago, $2.97

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