Gasoline prices around Denver finally fell this past week after a steep recent climb that has raised prices more than a dollar over the past year.
The average price of gas is now $3.92 per gallon, according to GasBuddy’s survey of 844 stations in Denver. That’s still 30 cents per gallon higher than a month ago, but a sign that the pain at the pump may be subsiding.
“Oil prices fell last week as COVID cases in China surged, prompting restrictions on movements and hurting oil demand,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a news release. “Meanwhile, President Biden’s announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week.”
GasBuddy reports the cheapest metro area stations at $3.64 per gallon, each located in Littleton.
The national average price of gasoline also fell 5.4 cents per gallon over the past week, costing $4.17 per gallon on Monday.
“So long as oil prices remain under $100 per barrel and there’s no escalations in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower,” De Haan said.
