Could war tensions between Iran and Israel affect Idaho’s gas prices? Possibly. Here’s how
Tensions in the Middle East escalated further on Sunday after Iran fired over 300 missiles at Israel in the latest development surrounding Israel’s ongoing war with Hamas.
While the war is thousands of miles from the quiet streets of the Treasure Valley, Iran’s actions this past weekend may still affect Idahoans in a way that hits pretty close to home: our pockets.
Oil experts were concerned that Iran’s attack could spike crude oil prices, resulting in higher gas prices back home. Although the United States doesn’t import nearly as much crude oil from Iran as it did in the 1970s and ‘80s, the latest data from the U.S. Energy Administration shows that the U.S. was importing 24,000 barrels of crude oil per day from Iran in October 2023.
“With Iran’s attack on Israel over the weekend, the stakes couldn’t have been higher for a major potential impact on oil and gasoline prices,” Patrick De Haan, head of petroleum analysis at GasBuddy, stated in a news release.
Rising Boise gas prices
Gas prices across the nation have spiked over the past week, rising 3.1 cents per gallon to $3.60 per gallon on average, according to GasBuddy.
It’s even more expensive in Idaho. According to GasBuddy, the cheapest gas station in the Boise area as of Monday morning was Costco at 2051 S. Cole Road, which charged $3.75 per Gallon.
The most expensive gas in Idaho is $4.20 per gallon, according to GasBuddy. Additionally, according to data from AAA, Idaho has the 10th-most expensive gas in the nation.
Although most of Iran’s missiles were intercepted by Israel, according to Israeli military officials, GasBuddy’s De Haan remains hesitant about what could happen to gas prices next.
“With the attacks largely thwarted and mostly unsuccessful, and with Iran signaling that their attack will be the end of their response, the risk to crude oil has diminished, and the situation is thankfully likely to de-escalate going forward,” De Haan stated. “If Israel, which has promised to respond with further attacks, indeed does press on, it could certainly still push oil prices higher.”
However, the ongoing conflict in the Middle East is not the only factor that could raise gas prices in the coming months.
De Haan expects gas prices to increase in the eastern half of the country soon as part of the annual increase in summer gas prices. The western half, including Idaho, will shortly follow suit. Gas costs more in the warmer months because summer-grade fuel is used, which takes longer to make and is more expensive.
“Motorists in the mid-Atlantic and Northeastern U.S. will soon see a spike in prices as they make the leap to summer gasoline — as much as 20-50 cents per gallon higher in nearly a dozen states,” De Haan said. “On the West Coast, price increases should finally slow, but the national average will likely climb again in the coming week.”
Cheapest gas in Boise
If you’re looking to top off your tank before prices climb even more, here are the cheapest places to get gas in Boise as of early Monday afternoon:
Costco - 2051 S. Cole Road ($3.75)
Sinclair - 10699 W. Ustick Road ($3.76)
Sinclair - 10677 W. Ustick Road ($3.76)
Sinclair - 530 N. Five Mile Road ($3.78)
Sinclair - 6300 N. Eagle Road ($3.78)
Albertsons - 2300 S. Apple St. ($3.79)
Shell - 9016 W. Ustick Road ($3.83)
Chevron - 741 N. Milwaukee St. ($3.83)
Flying J - 3353 S. Federal Way ($3.84)
Walmart - 8256 Overland Road ($3.85)
