Denver-area fuel prices continued their steady rise, climbing 8.7 cents this past week to average $2.45 per gallon on Sunday, GasBuddy.com reported Monday.
The price at the pump in Denver has gained 27 cents-per-gallon during the past month, but remains $1.018 cents lower than this time last year, according to GasBuddy.
The rate of that climb may start to ease, officials for the gasoline price website say.
“The expectation for the next few weeks is that the pace of increases will slow down (this will be determined by the direction of crude oil prices), and that by early June, prices should begin to slip, as long as no unexpected news or changes arise,” GasBuddy’s senior petroleum analyst Patrick DeHaan said via e-mail.
At Monday’s benchmark, Colorado’s average gas prices were $2.53 per gallon.
Nationally, gas prices climbed 8.5 cents per gallon to $2.62, according to the gasoline price website.
“Gasoline prices continue to be tugged upward by previous increases in crude oil prices,” DeHaan said in a statement. “The national average stands at its highest in nearly five months and has risen 20 days straight.
“West Coast refinery issues have continued to weigh on West Coast gasoline prices, which have easily risen the fastest in the nation for a second consecutive week, though the increase in prices will be scaled back considerably this week.”
U.S. crude closed down 14 cents at $59.25 a barrel Monday and Brent crude, a benchmark for international oil used by many U.S. refineries, fell 48 cents to close at $64.91 in London.
At the end of April, Barclays raised its 2015 crude price for West Texas to $54 per barrel and Brent to $60 per barrel.
Crude oil’s drop from recent highs likely would prevent gasoline prices from rising much more, DeHaan said.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace
