Colorado Politics

Denver gas prices surge as oil prices jump — and things could get worse, expert says

Denver gas prices surged last week by more than 63 cents per gallon, according to a survey of 844 stations across the city.

A gallon of gas in Denver cost consumers $3.42 on average on Monday, about 76.2 cents higher than it did a month ago, according to GasBuddy.com, a website that tracks national gas prices.

It remains below the record set in 2022, when gas prices hit $4.920 for regular gas and $5.537 for diesel.

“In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in an email. “With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows.”

The national average for a gallon of gas jumped 51.1 cents per gallon this week and stood at $3.45 per gallon on Monday. De Haan said some states could see another 20 to 50 cents per gallon price jump this week.

Diesel prices jumped 85.9 cents per gallon nationwide week-over-week, as well, to finish at $4.59 per gallon, GasBuddy said.

“Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react,” De Haan said. “While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation.”

Gas prices in Denver are now 64 cents higher than they were this time last year. The cheapest gas in Denver was $2.89 per gallon. The most expensive was $3.69 per gallon, GasBuddy said.

Statewide, the average price for a gallon of gas in Colorado was $3.40, up 58.4 cents from a week ago.



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