DENVER — Prices at the pump continue to fall as demand for gasoline has dropped 44 percent from late February, according to AAA Colorado.
The national average price for a gallon of gasoline is $1.85, while Colorado is seeing an average of $1.82. According to AAA, that is an 84-cent drop from the same time last year.
AAA credits a decline in domestic demand and gasoline inventories building across the country.
"The bottom line is that we're living through the lowest domestic demand for gasoline since 1968," said AAA Colorado spokesman Skyler McKinley. "That means cheap gas prices now – and further declines for the foreseeable future."
Over the weekend, the Organization of the Petroleum Exporting Countries and other allied producers (OPEC+), announced cuts of about ten percent of the global crude oil production, about 10 million barrels per day in May and June, according to a release from AAA.
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"Even historic production cuts can't keep up with tumbling demand, at least in the immediate future." McKinley said. "Until the COVID-19 challenge eases and demand begins to rise, it's highly likely that the oil market will remain considerably oversupplied and both crude and gasoline prices will remain low."
Here in Colorado, gasoline reserves continue to increase as a result of reduced demand, and now sit at 9.4 million barrels. According to AAA, regional refinery utilization has sunk to an abnormally low 71%. While gas prices will continue to fall, the low utilization rate will likely slow the rate of the price drop.
Gas prices around Colorado:
Greeley
- Current average: $1.70
- Yesterday average: $1.71
- Week ago average: $1.79
- Month ago average: $2.10
- Year ago average: $2.67
Denver
- Current average: $1.73
- Yesterday average: $1.74
- Week ago average: $1.80
- Month ago average: $2.12
- Year ago average: $2.61
Grand Junction
- Current average: $1.77
- Yesterday average: $1.77
- Week ago average: $1.83
- Month ago average: $2.19
- Year ago average: $2.76
Colorado Springs
- Current average: $1.77
- Yesterday average: $1.78
- Week ago average: $1.85
- Month ago average: $2.11
- Year ago average: $2.63
Boulder - Longmont
- Current average: $1.79
- Yesterday average: $1.81
- Week ago average: $1.87
- Month ago average: $2.17
- Year ago average: $2.62
Vail
- Current average: $1.83
- Yesterday average: $1.83
- Week ago average: $1.94
- Month ago average: $2.62
- Year ago average: $3.01
Pueblo
- Current average: $1.93
- Yesterday average: $1.94
- Week ago average: $2.12
- Month ago average: $2.26
- Year ago average: $2.71
Fort Collins - Loveland
- Current average: $1.94
- Yesterday average: $1.94
- Week ago average: $2.01
- Month ago average: $2.25
- Year ago average: $2.63
Glenwood Springs
- Current average: $2.04
- Yesterday average: $2.02
- Week ago average: $2.25
- Month ago average: $2.48
- Year ago average: $2.88
Durango
- Current average: $2.20
- Yesterday average: $2.23
- Week ago average: $2.36
- Month ago average: $2.39
- Year ago average: $2.73
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