COLORADO – Fall not only brings beautiful colors and scenic routes to Colorado but a possible drop in gas prices.
The American Automobile Association says gas prices will drop nearly 30 cents from last year’s prices this fall. AAA said the gas price average is expected to drop to $2.70 per gallon, with some even bigger savings possible.
That’s a reported 18 cents less a gallon than today’s gas prices and more than quarter cheaper than May’s prices last year. “Plain and simple, gasoline is just cheaper to produce this time of year,” said AAA Colorado spokesman Skyler McKinley. “On top of that, Labor Day marked the end of the summer driving season and, with it, a significant drop in consumer demand. Combine those factors with relatively stable crude oil prices and you’ll get savings at the pump at each fill-up this fall.”
AAA says despite its predictions, there are a number of factors that could affect the price of gas. This includes the price of crude oil, geopolitical tensions, and an active hurricane season.
The threat of Category 4 storm Hurricane Florence could likely impact gas prices on the east coast, as the storm is projected to hit between South Carolina and Virginia. It is unlikely it will affect Colorado prices, according to AAA.
So far, 2018 has brought significantly higher gas prices than in 2017. Going up 41 cents in the nationwide gas price average, with Coloradans paying 38 cents more per gallon.
Gas is reportedly the cheapest in Durango at an average of $2.76 per gallon and the highest is in Vail at $3.27 per gallon. Gas in Denver is reportedly $2.82 per gallon.
What is expected to drive the decrease in gas prices is refineries switching from summer-blend to a winter-blend gasoline. The winter-blend reportedly has a higher Reid Vapor Pressure level, which measures how easily the fuel evaporates at a certain temperature, according to AAA.
The blend also contains fewer additives and less energy than summer-blend, making it a cheaper product to produce. For more information on gas prices, click here.