GasBuddy: Average price per gallon expected to drop below $3 — if tariffs persist

Average gasoline prices in Colorado have risen 9 cents per gallon in the last week, averaging $3.07/g today, according to GasBuddy’s survey of 2,158 stations in Colorado. Prices in Colorado are 16.3 cents per gallon higher than a month ago and stand 6.2 cents per gallon higher than a year ago. The national average price of diesel has increased 3.6 cents in the last week and stands at $3.594 per gallon.

According to GasBuddy price reports, the cheapest station in Colorado was priced at $2.65/g yesterday while the most expensive was $4.09/g, a difference of $1.44/g. The lowest price in the state yesterday was $2.65/g while the highest was $4.09/g, a difference of $1.44/g.

In the Aspen area, regular gas was listed at $4.60 at the Main Street station, $5.20 in Snowmass, $4.84 at ABC, and $3.75 at Woody Creek, according to recent rates.

The national average price of gasoline has risen 10.6 cents per gallon in the last week, averaging $3.21/g today. The national average is up 13.2 cents per gallon from a month ago and stands 35.6 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.

Historical gasoline prices in Colorado and the national average going back 10 years:
April 7, 2024: $3.00/g (U.S. average: $3.57/g)
April 7, 2023: $3.40/g (U.S. average: $3.58/g)
April 7, 2022: $3.94/g (U.S. average: $4.14/g)
April 7, 2021: $2.91/g (U.S. average: $2.87/g)
April 7, 2020: $1.96/g (U.S. average: $1.89/g)
April 7, 2019: $2.60/g (U.S. average: $2.74/g)
April 7, 2018: $2.56/g (U.S. average: $2.66/g)
April 7, 2017: $2.27/g (U.S. average: $2.39/g)
April 7, 2016: $1.94/g (U.S. average: $2.04/g)
April 7, 2015: $2.21/g (U.S. average: $2.38/g)

Neighboring areas and their current gas prices:
Fort Collins — $3.03/g, up 10.9 cents per gallon from last week’s $2.93/g.
Colorado Springs — $3.03/g, up 13.2 cents per gallon from last week’s $2.90/g.
Denver — $3.04/g, up 9.8 cents per gallon from last week’s $2.94/g.

“While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased — raising the likelihood of reduced global energy and oil demand, which is sending prices lower. As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists.”