Colorado gas prices close to nationwide average |

Colorado gas prices close to nationwide average

Daily Staff Report

EAGLE COUNTY – Gas prices across Colorado continued to fall this week and are approaching the national average according to the American Automobile Association, although Eagle County remains well above the state and national averages.The last time the average price of regular unleaded gasoline in Colorado was below the national average was on July 26. On Friday, Coloradoans paid an average of $2.25 for a gallon of regular unleaded. The national average price of regular unleaded is $2.21 per gallon. In the last week, the average price of a gallon of regular unleaded in Colorado has fallen three cents. In the last month the price of a gallon of regular unleaded has fallen 33 cents in Colorado.In Eagle County, gas prices are still well above the state average with a countywide average of $2.50. The most expensive gas in Eagle County is in West Vail with two stations at $2.60 a gallon. The cheapest is Costco in Gypsum at $2.28 a gallon.For the second week in a row, Denver is the least expensive city in Colorado to purchase regular unleaded gasoline, with an average price at $2.14 per gallon, followed by Colorado Springs at $2.16 per gallon. Glenwood Springs is the most expensive city to buy gas in Colorado, with an average price for regular unleaded of $2.55 per gallon, followed by Vail at $2.57 per gallon. Overall, Colorado ranks as the 16th most expensive state on average for regular unleaded. Last week Colorado ranked as the 13th most expensive.Industry experts said Colorado has remained above the national average for a prolonged period of time because of a diesel shortage that forced suppliers to put unleaded fuel supplies on the backburner, and because there is only one refinery in the state of Colorado. The end of the diesel shortage has allowed supplies to return to normal, and the end of the summer driving season has decresed demand. As a result, Colorado gas prices have rapidly decreased over the last month.Last week’s brief return of crude oil prices above $60 per barrel temporarily ended the national trend of falling gas prices. However, the price of crude oil has since fallen below $60 per barrel and currently stands at just under $59 dollars per barrel.In it’s weekly report, the Energy Information Administration said crude supplies in the United States rose by two million barrels last week which was less than forecasters predicted. However, an almost non-existent hurricane season, and doubt whether all OPEC member nations will follow through on a promised production cut, has kept crude oil prices below the $60 per barrel mark. As a result, gas prices nationally and in Colorado have remained in a downward trend or at least at their current levels.The overriding opinion of many speakers at last week’s Oil Price Information Service National Supply Summit in Las Vegas, was that oil and gasoline prices will fall in the next few months. While no one said the variety of economic, political and meteorological problems that have contributed to sky-high fuel prices has gone away, persuasive cases were made that high prices in the United States have created new gasoline supply streams from overseas and domestically in the case of ethanol. This has suppressed demand for petroleum products.The AAA’s data is usually 2448 hours old and is based upon credit card transactions taken from 60,000 gas stations nationwide.Vail, Colorado

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