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Colorado Springs’ rising gas prices a sign of the improving times | Premium – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-05-04 17:00:00 –

This is another sign that it has returned to normal. As the summer travel season approaches, pump prices will increase.

Gas costs in the Colorado Springs region are approaching $ 3 a gallon on average for lead-free regulars, but some service stations, convenience stores and other fuel outlets have already charged a few cents higher. I am., Nationwide online price tracking service.

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By noon on Tuesday, unleaded regulars averaged $ 2.974 per gallon in Springs, according to GasBuddy figures.

This is up 1.1 cents from last week. 7.8 cents higher than a month ago. And oil and gas prices plummeted at the start of the COVID-19 pandemic, jumping nearly $ 1.35 from $ 1.628 on the same day last year.

Gasoline prices are now returning to more normal levels as rural and state economies open up, more employees return to offices, and drivers go out on the road for vacations.

According to GasBuddy’s historical data, Colorado Springs is currently at its highest price, as it was around $ 3 per gallon in October 2014. Earlier that year, the average price at the end of summer approached $ 3.65.

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Gas Buddy’s head of oil analysis, Patrick DeHaan, said prices would usually rise in late spring as demand began to increase and refineries switched to higher-cost summer blended fuels.

This year, he said, economic improvements would cause a significant increase in demand and further boost pump prices.

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In Colorado Springs, DeHaan said he expects prices to be just above $ 3, but remains below record highs. According to GasBuddy’s record dating back to 2008, the average gasoline price in Springs reached a record of $ 3.98 per gallon on July 17 of that year.

However, as uncertainty about the pandemic continues, it remains difficult to predict gasoline prices, DeHaan said.

“Will everyone wake up tomorrow and get the vaccine? Will things get back to normal?” He said. “Current gasoline price forecasts are all about COVID forecasts. This is the biggest factor that raises or lowers prices.”

Alternatively, if few Americans travel abroad for summer vacation and stay at home instead, demand could increase and gasoline prices could rise even higher, DeHaan said. He said some oil companies reduced and dismissed their employees last year to reduce demand and are now only rehiring.

“There is a very strong tourist season in the country, which can boost gasoline demand and do rare and very interesting things,” DeHaan said.

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So far, one such habit, according to DeHaan, has been exaggerated but reports of fuel shortages in several markets across the country.

Some cities, such as Las Vegas, which are very popular with tourists, experience shortages not due to lack of gasoline itself, but due to supply chain problems in getting timely fuel delivery to service stations. He said he was doing it.

“It’s temporarily impossible to petrol a station as quickly as it fills up,” DeHaan said. “It carries gas from the (refinery loading) rack to the station. It’s the last link in the chain.”

Colorado Springs’ rising gas prices a sign of the improving times | Premium Source link Colorado Springs’ rising gas prices a sign of the improving times | Premium

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