Bargain-basement crude costs should help drive Denver’s gas prices even lower during the coming weeks, but don’t expect them to drop below a buck, an analyst for fuel price website GasBuddy said Monday.
The average price for a gallon of unleaded in Denver dropped 3.1 cents in the past week to $1.76, according to weekly survey. Colorado’s statewide average fell 3.6 cents to $1.79 per gallon.
“At this point, it’s unrealistic to expect below $1 gasoline for Colorado and, I would say, the nation,” said Will Speer, a Houston-based senior petroleum analyst for the Gaithersburg, Md.-based GasBuddy.
U.S. benchmark crude prices . On Monday, benchmark U.S. crude fell 1.6 percent to $28.94. Brent crude, a benchmark for international oils, closed at $28.62, down 1.1 percent.
At a few fueling stations across the nation, prices have dropped below $1 a gallon — but only because of price waring. On station in Houghton Lake, Mich., dropped its price to 47 cents per gallon, he said.
Prices in Colorado and Denver are expected to drop another 15 cents per gallon before refinery maintenance season comes into full swing and before the switch to the more expensive summer-blend fuel, he said.
At that point, prices could climb to just above the $2 per gallon level as the restricted supply will allow retailers to regain some of the margins lost amid cheaper gas prices, Speer said.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
