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Crude Oil Hits 14-month Low

High production, low demand should lead to lower pump prices through year's end

12/19/18
Fuel

DENVER (Dec. 19, 2018) – At $2.39, Colorado's gas price average continues to drive toward the cheapest pump prices seen during the month of December since 2016 – welcome news to the 1.77 million Coloradans expected to road-trip to their holiday destination. Nationally, prices continued their decline to a 2018 low of $2.37 per gallon of regular unleaded.

Regional Trends
On the week, four states from the Rockies region land on the top 10 list with the largest weekly change: Idaho (-9 cents), Montana (-9 cents), Colorado (-8 cents), and Utah (-7 cents). Wyoming's state gas price average dropped a nickel on the week. Compared to the rest of the country, gas prices remain expensive in the region – ranging from as cheap as $2.39 in Colorado to as expensive as $2.75 in Wyoming. 

Energy Information Administration (EIA) data show that gasoline stocks remain unchanged at 6.9 million barrels. This week's forthcoming EIA report should show an increase in stocks as regional refinery utilization jumped from 86 percent to 92 percent. That will place further downward pressure on pump prices.

Oil Market Dynamics
At the close of Tuesday's formal trading session on the NYMEX, crude oil decreased nearly 8 percent to a 14-month low of $45.91 per barrel. Falling oil prices can be attributed to concern among market observers that the global crude market is oversupplied. Although the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, agreed last week to reduce output by 1.2 million barrels per day at the beginning of 2019, crude prices will likely remain low until the production reduction agreement is in place. 


In related news, total domestic crude inventories are continuing to slide. Crude inventories around the country fell by 1.2 million barrels, according to new data released by EIA. Stocks now total 442 million barrels, which is approximately 1 million barrel lower than where they were at this time last year. With domestic inventories now falling and OPEC's production reduction agreement set to take effect in early 2019, crude prices could increase early next year. If they do, motorists will likely see pump prices increase down the line – though, not before the year's end. 

Colorado Gas by the Numbers

Denver

  • Current Average: $2.27
  • Yesterday Average: $2.29
  • Week Ago Average: $2.35
  • Month Ago Average: $2.64
  • Year Ago Average: $2.39


Boulder-Longmont

  • Current Average: $2.31
  • Yesterday Average: $2.29
  • Week Ago Average: $2.36
  • Month Ago Average: $2.65
  • Year Ago Average: $2.40


Colorado Springs

  • Current Average: $2.32
  • Yesterday Average: $2.33
  • Week Ago Average: $2.38
  • Month Ago Average: $2.63
  • Year Ago Average: $2.36


Greeley

  • Current Average: $2.35
  • Yesterday Average: $2.37
  • Week Ago Average: $2.44
  • Month Ago Average: $2.77
  • Year Ago Average: $2.41


Fort Collins-Loveland

  • Current Average: $2.38
  • Yesterday Average: $2.40
  • Week Ago Average: $2.45
  • Month Ago Average: $2.72
  • Year Ago Average: $2.41


Pueblo

  • Current Average: $2.51
  • Yesterday Average: $2.52
  • Week Ago Average: $2.54
  • Month Ago Average: $2.73
  • Year Ago Average: $2.43


Durango

  • Current Average: $2.52
  • Yesterday Average: $2.54
  • Week Ago Average: $2.58
  • Month Ago Average: $2.79
  • Year Ago Average: $2.47


Grand Junction

  • Current Average: $2.55
  • Yesterday Average: $2.57
  • Week Ago Average: $2.65
  • Month Ago Average: $2.90
  • Year Ago Average: $2.49


Glenwood Springs

  • Current Average: $2.81
  • Yesterday Average: $2.83
  • Week Ago Average: $2.87
  • Month Ago Average: $3.11
  • Year Ago Average: $2.77


Vail

  • Current Average: $2.83
  • Yesterday Average: $2.84
  • Week Ago Average: $2.96
  • Month Ago Average: $3.17
  • Year Ago Average: $2.93


About AAA Colorado

More than 685,000 members strong, AAA Colorado is the state's most-trusted advocate for the safety and security of all travelers. As North America's largest motoring and leisure travel organization, AAA provides more than 58 million members with travel, insurance, financial, and automotive-related services - as well as member-exclusive savings. For more information, visit AAA.com.