Colorado Politics

Colorado gas prices see largest year-over-year increase in the U.S.

Feeling the pain at the pump? Colorado gas prices have risen more year-over-year than any state in the country.

That’s according to a new nationwide fuel price analysis by Zutobi. The report said Colorado gas prices rose 16.07% from 2022 to 2023. Hawaii saw the second-highest increase (12.06%) and Ohio was third (11.28%).

At the time of Zutobi’s report, Colorado gas prices stood at $3.83 per gallon. They are currently at $4.01 per gallon, according to AAA Colorado.

Gas prices in Colorado have climbed significantly since late December when the Suncor oil refinery in Commerce City was shut down due to damaged equipment.

Patrick De Haan, head of petroleum analysis at GasBuddy.com, told The Denver Gazette last month to expect immediate relief at the pump in Denver when Suncor comes back online.

Suncor said last month it expected to be fully operational by the end of March. A phone call and email to Suncor on Thursday requesting an updated timeline were not immediately returned.

Denver motorists saw some relief last week as gas prices fell 8 cents per gallon, week over week, finishing at $4.02 per gallon as of Monday, according to GasBuddy.com – 76 cents higher than this time last year.

De Haan said the national average fell last week on fears the Fed could ramp up rates to slow inflation.

“For the weeks ahead, tradition tells us to expect prices to move up eventually,” De Haan said in a news release. “But that could at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably.”

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Jakob Rosen/Unsplash
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