News: Gas Prices Hit 4-Year Low

COVID-19 and the ongoing crude oil price war could lower prices below $1.75 per gallon in April. 

03/31/20
Fuel
News: Gas Prices Hit 4-Year Low

COVID-19 and the ongoing crude oil price war could lower prices below $1.75 per gallon in April. 


DENVER (March 31, 2020) – The national average for a gallon of regular gasoline has dropped below $2 per gallon for the first time in four years, per AAA's nationwide analysis. Today's national gas price average sits at $1.99. In Colorado, the statewide average sits at $1.96 – with motorists able to find gas below $2.00 at 67 percent of stations and below $1.75 at 16 percent of stations, statewide. All told, 99 percent of fill-up stations across Colorado are charging less than $2.50 for a gallon of regular gasoline. 

Two important factors are pushing gas prices downward: COVID-19's chilling effect on the global economy and crude oil demand, and the crude oil price war between Saudi Arabia and Russia. Crude has plummeted to $20 a barrel – a closing price not seen since 2002. For the last 52 weeks, crude oil (West Texas Intermediate) has averaged $56/barrel, driving a national pump price average of $2.63.

"AAA expects gas prices will keep dropping because of historically cheap crude and, in Colorado and across the country, people staying home and using less gasoline," said Skyler McKinley, director of public affairs for AAA Colorado. "Importantly, even as demand diminishes, COVID-19 has not impacted gasoline supply and motorists can expect to fill up just as they did before."

The United States has an unusual amount of winter-blend gasoline still available for this year. As a result, the Environmental Protection Agency has extended the sale of winter-blend past the May 1 deadline to May 20. The agency said they will continue to monitor and may well extend the waiver again.

"The EPA's extension of the winter-blend gasoline waiver will contribute to sustained lower prices, especially as U.S. gasoline demand readings look more like winter-driving season than spring," McKinley said. 

AAA forecasts that until crude oil prices increase and the COVID-19 challenge passes, cheaper gas prices are here for the foreseeable future. 

Car parked for a while? Here's how to maintain it. 

As motorists log fewer miles in response to COVID-19 and "stay-at-home" orders across jurisdictions, AAA offers these car care tips for longer-than-expected parked vehicles:
 

  • Battery Boost. If possible, use a battery tender or other maintenance-type battery charger to keep the battery at a full state of charge and prevent deterioration. The battery tender should remain connected to the stored vehicle. 
  • Fuel Stabilizer. If gas is going to sit in the vehicle's tank for more than a few months, particularly gasoline that contains ethanol, AAA recommends using a treatment designed for fuel stabilization such as STA-BIL®. You don't need to be a mechanic to do this, and it is as simple as fueling up a vehicle. Fill the gas tank to help minimize condensation and drive the car for five to ten miles to ensure that the stabilized fuel circulates throughout the fuel system.
  • Tire Pressure. Add 10 psi of pressure to each tire to help prevent flat spots from forming on the tires. These occur when the area of the tire becomes rigid due to sitting in one position for an extended period. You can also move the vehicle periodically.
  • Windshield Wiper Placement. Prop up the wiper arms so the blades are off the windshield and won't get stuck to the glass. 
  • No Parking Brake. Don't use the parking brake when storing the vehicle. The brake could become frozen, and the brake pads could rust to the rotors, or brake shoes could distort the drums. With an automatic transmission, simply place the vehicle in park. If the car has a manual transmission, put it in first or reverse gear and use wheel chocks to help hold the vehicle in place. 


Colorado Gas By the Numbers


Greeley

  • Current Average: $1.86
  • Yesterday Average: $1.88
  • Week Ago Average: $1.94
  • Month Ago Average: $2.26
  • Year Ago Average: $2.49
     

Denver

  • Current Average: $1.87
  • Yesterday Average: $1.89
  • Week Ago Average: $1.97
  • Month Ago Average: $2.28
  • Year Ago Average: $2.43
     

Grand Junction

  • Current Average: $1.91
  • Yesterday Average: $1.92
  • Week Ago Average: $1.99
  • Month Ago Average: $2.31
  • Year Ago Average: $2.56
     

Colorado Springs

  • Current Average: $1.91
  • Yesterday Average: $1.92
  • Week Ago Average: $1.98
  • Month Ago Average: $2.27
  • Year Ago Average: $2.46
     

Boulder-Longmont

  • Current Average: $1.93
  • Yesterday Average: $1.93
  • Week Ago Average: $2.04
  • Month Ago Average: $2.31
  • Year Ago Average: $2.44
     

Vail

  • Current Average: $1.99
  • Yesterday Average: $1.99
  • Week Ago Average: $2.29
  • Month Ago Average: $2.81
  • Year Ago Average: $2.83
     

Fort Collins-Loveland

  • Current Average: $2.08
  • Yesterday Average: $2.09
  • Week Ago Average: $2.15
  • Month Ago Average: $2.41
  • Year Ago Average: $2.46
     

Pueblo

  • Current Average: $2.12
  • Yesterday Average: $2.13
  • Week Ago Average: $2.19
  • Month Ago Average: $2.37
  • Year Ago Average: $2.50
     

Glenwood Springs

  • Current Average: $2.28
  • Yesterday Average: $2.31
  • Week Ago Average: $2.35
  • Month Ago Average: $2.64
  • Year Ago Average: $2.69
     

Durango

  • Current Average: $2.37
  • Yesterday Average: $2.37
  • Week Ago Average: $2.38
  • Month Ago Average: $2.40
  • Year Ago Average: $2.52
     
About AAA Colorado
More than 700,000 members strong, AAA Colorado is the state’s greatest advocate for the safety and security of all travelers. As North America’s largest motoring and leisure travel organization, AAA provides more than 60 million members with travel, insurance, financial, and automotive-related services — as well as member-exclusive savings. A not-for-profit organization since its founding in 1923, AAA Colorado has been recognized as the number one Colorado company its size for its advocacy, community engagement, and corporate social responsibility efforts – and is a proud member of Points of Light’s “The Civic 50 Colorado,” recognizing the 50 most community-minded companies in the state. For more information, visit AAA.com.