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Pain At The Pump - What's Going On With Gas Prices

Plus, when is the best time to fill up your gas tank.
Posted at 4:17 AM, May 22, 2024

COLORADO SPRINGS, CO — Are gas prices going up? Or are gas prices going down? Well, that depends on who you ask. I spoke with Gas Buddy and AAA. They both gave me a different answer.

Patrick De Hann with Gas Buddy tells me he doesn't expect prices to spike. He says it's all about supply and demand; since suppliers know there will be increased demand for Memorial Day, they are stocking up. "Prices usually have plateaued by the time we get to the summer, if it’s a normal year, they usually gently decline over the course of the summer."

WATCH: Gas prices to rise higher than average this Memorial Day weekend

Skyler McKinley with AAA thinks we will see prices jump this summer. He says its hard to point to just one reason for increased prices. He says we've been below the national average, and with the new reformulated gas filtering into the system, he expects prices to climb. "Prices always spike over Memorial Day. Memorial Day tends to be the floor and not the ceiling for prices in the summer months."

AAA and Gas Buddy both agree that this will be a very busy weekend on the roads. De Hann says Colorado gas pricing follows a cycle of a price hike, then stations slowly lower the price. He says you want to time your gas purchase right to save money and that Mondays or Tuesdays should be the lowest price in the cycle. "There are wild cards like hurricane season and the Middle East, but traditionally the highest prices are in the middle of the summer.

I also learned that gas stations don't really make much profit on the gas. I'm told it's the snacks inside that turn a real profit. So, will the prices rise or will they fall? Sounds like you may need a crystal ball to tell.

Email Reporter Jake Walker at jake.walker@koaa.com. Follow @JakeOnAiron Instagram and Jake Walker Media on Facebook.

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