The price of a gallon of gas dropped another 15 cents last week in Denver to an average of $2.18 a gallon, 89 cents a gallon cheaper than a year ago.
Statewide, the average price dropped 14 cents to $2.18, down $1.06 from this time last year. This compares with the national average that dropped 9.6 cents a gallon in the last week to $2.28, according to
Slipping oil prices — benchmark U.S. crude dropped $1.12 to $53.61 a barrel in New York on Monday — that have pushed prices down at the pump are bad news for oil exploration in Colorado, Department of Labor and Employment economist Alexandra Hall said.
But every other industry probably will benefit from a smaller cost of doing business and because consumers will have more disposable income to buy goods and services, Hall said.
GasBuddy senior petroleum analyst Patrick DeHaan estimated that cheap gasoline is saving the motoring public $525 million a day compared with this summer, when oil prices began to fall from $107 per barrel. He said drivers are spending $375 million less per day than this time last year.
