Idaho pump prices continue to drop, for now
OPEC sent shockwaves through the market late last week
BOISE, Idaho (KMVT/KSVT) — According to AAA, $80 per barrel crude oil triggered massive jumps in the price of gas in several states this week, and the national average remains at a seven-year high. Experts now project that, unlike a typical fall and winter, some parts of the country could see the highest pump prices of the year in the coming weeks.
OPEC (Organization of the Petroleum Exporting Countries) sent shockwaves through the market late last week when the group decided against an 800,000 barrel-per-day production increase for crude, opting instead for the 400,000-barrel bump that was previously agreed upon. Crude oil accounts for half the price of a fill-up.
“This week, 17 states saw gas prices jump nine cents or more, which flies in the face of the usual pattern for this time of year,” says AAA Idaho public affairs director Matthew Conde. “We’re fortunate that Idaho’s prices are still dropping, if only slightly, but our luck may run out soon.”
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