Gas prices drop a couple of cents statewide

Average gasoline prices in Colorado have fallen 2.3 cents per gallon in the last week, averaging $3.41/g, according to GasBuddy’s survey of 2,158 stations in Colorado.

Prices in Colorado are 2.8 cents per gallon higher than a month ago and stand 118.7 cents per gallon lower than a year ago. The national average price of diesel has fallen 3.4 cents in the last week and stands at $3.88 per gallon.

According to GasBuddy price reports, the cheapest station in Colorado was priced at $2.97/g yesterday.

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In the Aspen area, regular gas was listed at $4.59 at the Main Street station, $4.99 at ABC, $5.19 (for full service) in Snowmass Village, $3.99 in Woody Creek, and $4.49 at the Highway 82 turnoff to old Snowmass, according to AutoBlog.

The national average price of gasoline has fallen 3.9 cents per gallon in the last week, averaging $3.51/g today. The national average is down 1.7 cents per gallon from a month ago and stands 134.5 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

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Historical gasoline prices in Colorado and the national average going back 10 years:

• June 5, 2022: $4.60/g (U.S. Average: $4.85/g)
• June 5, 2021: $3.20/g (U.S. Average: $3.05/g)
• June 5, 2020: $2.19/g (U.S. Average: $2.01/g)
• June 5, 2019: $2.92/g (U.S. Average: $2.78/g)
• June 5, 2018: $2.95/g (U.S. Average: $2.94/g)
• June 5, 2017: $2.39/g (U.S. Average: $2.37/g)
• June 5, 2016: $2.25/g (U.S. Average: $2.36/g)
• June 5, 2015: $2.61/g (U.S. Average: $2.76/g)
• June 5, 2014: $3.46/g (U.S. Average: $3.66/g)
• June 5, 2013: $3.76/g (U.S. Average: $3.62/g)

“While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil; but as global oil demand hasn’t been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel,” he said. “It’s likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon.”

GasBuddy’s survey updates 288 times every day from nearly 150,000 stations nationwide. See prices.GasBuddy.com.