AAA REPORTS 22 MONTH LOW OF $3.00 PER GALLON FOR GASOLINE IN COLORADO
Cheapest nationwide Thanksgiving gas in half a decade
The state-wide average price for a gallon of regular, unleaded gasoline in Colorado has hit $3.00 for the first time in 22 months. The last time Colorado’s per gallon price reached lower than $3.00 was early January, 2013. Colorado started 2014 with an average gasoline price of $3.18 and reached a peak price of $3.67 in mid-August. Average state-wide prices have fallen over 50 cents per gallon since the first of October.
Pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated, as supply has outpaced demand, contributing to even greater savings at the pump for drivers. West Texas Intermediate crude oil was down to a multi-year low of $77.19 per barrel last week, which compares to a 2014-high of more than $107 per barrel in June, 2014. Adding momentum to falling prices was an unexpected move by Saudi Arabia, the world’s largest oil exporter, to lower the price per barrel for crude sold to the United States.
Barring an unexpected market-moving development this winter, motorists can expect to pay retail prices that are relatively low, and could see the price continue to tick downward even a little further as gasoline stations adjust to falling oil prices in the global market. AAA predicts the national average could fall another 5-15 cents in the coming weeks, which could make for the cheapest Thanksgiving gas in half a decade.
Gasoline prices across the United States can be found at fuelgaugereport.aaa.com. AAA Colorado has more than 600,000 members and is an advocate for safety and security for all travelers. As North America’s largest motoring and leisure travel organization, AAA provides more than 54 million members with travel, insurance, financial and automotive related services, as well as member exclusive savings.