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Aug 15, 2011 11:01 AM by Andy Koen

Gas prices dip slightly

Gas prices in Colorado fell last week by 2.2 cents per gallon, slightly less than the national average which fell 4.7 cents/gallon. According to the price website ColoradoGasPrices.com, the state-wide average of $3.45 per gallon of unleaded gasoline remains lower than the national average of $3.60.

Prices were expected to be much lower after crude oil prices dipped two weeks ago. However, Patrick DeHaan, a senior petrolium anaylist with GasBuddy.com, says a rebound in crude prices last week limited the effect at the pump.

"Prices rebounded some twelve dollars a barrel last week, which may severely limit relief at the gas pump," DeHaan said.  "The smallest sliver of hope in the economy seems to make some market players forget the bigger issues this country faces. Last week, this situation led to buying spree in oil prices, something that I just don't see lasting," DeHaan adds.

Gasoline prices in Colorado are 79.8 cents a gallon higher than they were last year, and nationally they are 85.4 cents a gallon higher. Remeber to use our Gas Tracker to find the lowest prices in your neighborhood.

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