Local gas prices are dropping but for how long?

With fall officially here and the summer road trip season over, local gas prices are dropping ever so slowly in response to reduced demand and cheaper winter-blend fuel.

 Weiser drivers have seen gas prices drop by a dime in the last month to $3.10 to $3.12 per gallon. That was close to the state average price on Monday of $3.12 per gallon but higher than the national average of $2.91 per gallon. 

 One year ago, the state average price for gas was $2.73 per gallon, a whopping 40 cents cheaper.

 Weiser has three gas stations that are usually competitive on prices and within a penny or two of each other. 

 AAA Idaho spokesman Matthew Conde said it is fairly typical that fall brings lower prices at the pump.

 “As the days get darker and school commitments keep families closer to home, the combination of reduced demand and cheaper-to-produce winter-blend gasoline typically apply downward pressure on Idaho pump prices, Conde said.

 Local drivers could use a break on pump prices after paying some of the highest gas prices around this summer. The state posted strong travel activity but also gas prices that were among the top five most expensive in the country at one point. 

 There are various factors that could put upward pressure on crude oil prices, which could cause a ripple effect at the pump.  

 Nationally, the average price of gas is creeping up again, while Idaho prices continue to go in the other direction, for now, Conde said.

 Venezuela’s continued economic collapse and concerns surrounding the impact of U.S.-imposed sanctions on Iran that will take effect later this fall have sent shockwaves across the global oil market. Since mid-September, the West Texas Intermediate (WTI) crude oil index has jumped by more than six dollars a barrel.

 Today, a barrel of crude oil is trading near $75, which is five dollars more than a month ago and $25 more than a year ago.

 “Idaho gas prices, and the Rocky Mountain region in general, are among the last to react to a national change,” Conde said.  “Hopefully, local prices will continue to ignore national and international market forces for a while longer.”