Gas Prices Push Higher

Colorado gas still cheaper than in 42 other states

02/25/19
Fuel

DENVER (Feb. 25, 2019) – Motorists can fill up for 2.50 or less at four in five gas stations across the country, despite more than 40 states seeing gas price averages increase on the week. In Colorado, we're especially lucky: At $2.14 per gallon, we pay less than motorists in 42 other states. Still, that's up seven cents from this time a week ago and six cents on the month. 

At $2.39, the national gas price average is eight cents more expensive than last week and 12 cents more expensive than last month – while still remaining 12 cents cheaper year-over-year.

"All told, gas prices are 11 percent cheaper than where they were for the first two months of 2018, in large part thanks to cheaper crude oil prices so far this year," said AAA Colorado spokesman Skyler McKinley. "And, while pump prices are on the rise, decreasing demand has countered the price increase – so we're all still enjoying relatively cheap gas."


Pump prices are expected to increase across the country as refineries gear up for spring gasoline production and maintenance season. They'll remain much cheaper than our historic high: $4.09, recorded on July 17, 2008.


Regional Trends

Throughout the winter, the Rockies have enjoyed a steady downward trend in gas prices. On the week, Utah saw the second largest decrease of any state in the country. Today's pump prices in the Rockies are: Colorado ($2.14), Utah ($2.19), Wyoming ($2.25), Montana ($2.27) and Idaho ($2.28). Utah (-21 cents), Wyoming (-13 cents) and Idaho (-12 cents) are among the minority of all states in the country that have gas prices cheaper than one month ago.

With a small draw of 46,000 barrels, Energy Information Administration (EIA) data show stocks dipped below 7.5 million barrels in the Rockies region. The small draw, coupled with a healthy overall supply, should reduce any large, sudden fluctuation in pump prices for most of the region. 


Oil Market Dynamics

At the close of Friday's formal trading session on the NYMEX, WTI increased 30 cents to settle at $57.26 – setting a new high for crude prices this year.  If crude prices sustain at these higher levels, they could help send pump prices higher this spring. An increase in crude prices this week will likely be supported by optimism that the U.S. and China have been making significant strides to reduce trade tensions between the countries. However, crude price gains could be tempered by further increases in U.S. production, potentially signaling that the global crude market may be able to overcome an expected tightening in supply due to U.S-imposed sanctions on crude exports from Venezuela and Iran.


In EIA's latest petroleum status report, the federal agency revealed that total domestic crude production hit 12 million barrels per day, the highest weekly estimate ever recorded. Recent growth in domestic crude production helped to push up total domestic crude inventories by 3.7 million barrels to 454.5 million barrels last week.


In related news, Baker Hughes Inc. reported that the U.S. lost four oil rigs last week, bringing the total to 854. When compared to last year at this time, there are 54 more rigs this year.


Colorado Gas by the Numbers

Pueblo

  • Current Average: $2.07
  • Yesterday Average: $2.06
  • Week Ago Average: $1.99
  • Month Ago Average: $2.19
  • Year Ago Average: $2.38


Boulder-Longmont

  • Current Average: $2.08
  • Yesterday Average: $2.07
  • Week Ago Average: $2.02
  • Month Ago Average: $2.01
  • Year Ago Average: $2.32


Denver

  • Current Average: $2.08
  • Yesterday Average: $2.08
  • Week Ago Average: $2.01
  • Month Ago Average: $1.98
  • Year Ago Average: $2.36


Colorado Springs

  • Current Average: $2.10
  • Yesterday Average: $2.09
  • Week Ago Average: $2.01
  • Month Ago Average: $1.96
  • Year Ago Average: $2.34


Fort Collins-Loveland

  • Current Average: $2.12
  • Yesterday Average: $2.13
  • Week Ago Average: $2.03
  • Month Ago Average: $2.01
  • Year Ago Average: $2.38


Greeley

  • Current Average: $2.12
  • Yesterday Average: $2.12
  • Week Ago Average: $2.05
  • Month Ago Average: $2.03
  • Year Ago Average: $2.41


Grand Junction

  • Current Average: $2.21
  • Yesterday Average: $2.21
  • Week Ago Average: $2.14
  • Month Ago Average: $2.19
  • Year Ago Average: $2.47


Durango

  • Current Average: $2.28
  • Yesterday Average: $2.29
  • Week Ago Average: $2.30
  • Month Ago Average: $2.45
  • Year Ago Average: $2.28


Glenwood Springs

  • Current Average: $2.36
  • Yesterday Average: $2.36
  • Week Ago Average: $2.32
  • Month Ago Average: $2.37
  • Year Ago Average: $2.69


Vail

  • Current Average: $2.64
  • Yesterday Average: $2.65
  • Week Ago Average: $2.63
  • Month Ago Average: $2.63
  • Year Ago Average: $2.95


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 59 million members with travel, insurance, financial, and automotive-related services - as well as member-exclusive savings. For more information, visit AAA.com.