Gas prices are starting to fall nationwide, but prices in the Treasure Valley are still hovering around the $5 mark.
Data from the Idaho Attorney General shows Idaho gasoline retailers are making record-breaking profit margins on the sales of gasoline statewide. For the week of July 14, the Idaho average wholesale price for gasoline was $3.93 per gallon and retailers were turning around to sell it for an average of $4.60 a gallon. This gives the retailers a profit margin of 67 cents per gallon, the highest ever recorded in Idaho.
This means even as wholesale prices have come down, prices are staying high. But, even though this is a higher profit margin than what retailers were charging in 2020 when Attorney General Lawrence Wasden accused Idaho’s largest gas station chains of price gouging, the government can no longer hold these companies accountable in the same way it did two years ago.
These profit margins are out of reach for the AGs office for two reasons. Idaho’s price-gouging laws aren’t in place when there is no emergency declaration and there’s new state legislation.