PUEBLO, CO — Gas stations in Pueblo were busy today as some had prices lower than $4.00 a gallon. The 7/11 on Elizabeth Street and the Shell on Highway 50 both had prices at $3.94 during the day today. Shell has dropped another $0.05 throughout the evening.
The average price of a gallon across the state has also gone down $0.56 over the last month or so according to Triple AAA data.
The cheaper gas is attracting people from all parts of town to fill up their tanks. One resident of Pueblo West, Mark Finn, made the trip.
“Last night I came with a friend and we were getting some gas, so I figured I’d fill up here too,” said Finn.
These lowering prices can be seen across the state and in Pueblo due to many different factors.
Dr. Aun Hassan, an Economics and Finance professor at the Hassan School of Business at CSU Pueblo says one of those factors is an increase in the supply of oil from countries like Saudi Arabia and the United Arab Emirates, and less competition for oil from countries like China.
As for if prices will remain this low, Hassan says it depends on supply and demand.
“There are too many variables to make a prediction at this point,” said Hassan.
Hassan says that it's probable that the good supply of oil we have been getting as a country, could have a good outcome for our wallets.
"If everything stays the way it is right now, we should expect gas prices to fall a little bit further," said Hassan.
If the demand goes up, in other words, if people here need to use more gas, the prices could go up again. We could be seeing examples of these increases in demand soon.
“It's basically a matter of a couple of weeks when students start going back to schools, all of a sudden you'll see a surge in demand for gasoline,” said Hassan.
Hassan is still optimistic and hopeful that these prices could continue to drop.
Mark Finn is also hopeful that here in Pueblo, the prices will drop to where they used to be. But for now, he is glad to fill it for this price.
“It's not $1.50 like it used to be, but I guess $4 is better than $5 so we'll wait till it gets a little lower. Just keep praying,” said Finn.
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