Denver gas prices dip, but surging oil prices threaten momentum
Denver gas prices retreated last week, but surging oil prices threaten to thwart that momentum, one expert said.
The price at the average gas pump in Denver fell to $3.23 per gallon on Monday, about 14.2 cents cheaper than a week ago, according to a GasBuddy survey of 844 stations. The average price was flat from one month ago, but 42.1 cents per gallon cheaper than this time last year.
Meanwhile, the national average fell 4.6 cents per gallon last week to $3.13 cents on Monday, according to a GasBuddy survey of 150,000 stations nationwide.
“While the national average dipped slightly in the last week, Iran’s attack on Israel has at least temporarily caused oil prices to surge to the highest level in months, which could cause the declines to cease for now and could lead to a rise in gas prices for many Americans,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a news release Monday.
The national average has fallen 11.6 cents per gallon in the last month and is 56.3 cents cheaper than a year ago. De Haan said he’s hopeful the national average could dip to $2.99 per gallon at some point this fall, even with Hurricane Milton, a menacing Category 5 hurricane in the Gulf of Mexico, on a path to hit Florida.
“For now, motorists in most areas can expect to see more increases in gas prices primarily due to tensions in the Middle East,” De Haan said.
Statewide, the average price for a gallon of gas in Colorado was $3.30, down 10 cents week over week. The lowest price in the state last week was $2.84 cents per gallon. The highest came in at $5.19 cents per gallon.