Gas prices see biggest overnight hike since 2022
HAILEY HILL | Hagadone News Network | UPDATED 5 days, 14 hours AGO
COEUR d’ALENE — The average price for a gallon of gasoline jumped 11 cents across the U.S. overnight into Tuesday, according to AAA Idaho public affairs director Matthew Conde.
Eleven cents might seem like little more than pocket change, but when it pushes pump prices past $3, drivers take note.
“The last time we saw a jump like this was when Russia invaded Ukraine,” Conde said.
Gasoline prices were already on the rise before the U.S. launched a joint military operation with Israel against Iran on Feb. 28, as refineries had already begun transitioning to the more expensive summer‑blend fuel.
“The market had already built in some of the risk,” Conde said.
However, the price of crude oil rose sharply over the last several days due to the ongoing conflict in the Middle East. Crude oil was selling for over $75 a barrel Tuesday, he added, up from around $64 just last month.
The price of crude is the single largest factor in how much U.S. drivers pay for fuel.
According to the Associated Press, prices could continue to climb, depending largely on the extent of tanker traffic disruption in the Strait of Hormuz, the narrow mouth of the Persian Gulf through which about a fifth of all traded oil passes.
“Any time the market is uneasy, prices tend to rise,” Conde said. “By how much is yet to be determined.”
President Donald Trump addressed the rising prices in remarks in the Oval Office on Tuesday.
“We have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, I believe, lower than even before,” he said.
Gas prices in Coeur d’Alene were averaging $3.15 on Tuesday, according to AAA, up from about $3 the day before. That puts local prices above both the state average of $3.07 and the national average of $3.10.
In fact, drivers in four of North Idaho’s five counties are paying more at the pump compared to other parts of the state: Kootenai, $3.15; Shoshone, $3.43; Benewah, $3.21; Bonner, $3.13.
Boundary County is on par with the state average at around $3.
Idaho started the week as 14th in the nation for the most expensive fuel, with some regional neighbors paying more and others paying less: Washington, $4.38; Oregon, $3.94; Nevada, $3.73; Utah, $2.89; Wyoming, $2.78; Montana, $2.89.
The highest average fuel price in Idaho was in 2022 at $5.25 — the same year Russia invaded Ukraine.
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The Associated Press contributed to this article.
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