Gas prices drop to under $2 in Colorado Springs as state ranks fourth lowest nationally

COLORADO SPRINGS, Colo. (KOAA) — Colorado Springs drivers are celebrating rock-bottom gas prices, with some stations selling fuel for as low as $1.93 per gallon as the state ranks fourth lowest nationally for gas prices.

At the Exxon station on Garden of the Gods Road, regular unleaded costs just $1.93 per gallon. Other bargain prices include $1.95 at Sinclair and 7-Eleven on North Academy Boulevard and $1.95 at the Shell gas station on Austin Bluffs Parkway.

To see where you can find the best gas prices in the area, click here.

"I came here out of my way to get gas because it's a lot cheaper here," Hannah Burke said.

According to AAA, Colorado currently has the fourth lowest gas prices in the nation. In El Paso County, the average gas price per gallon is $2.34, while Pueblo County averages $2.41 per gallon.

"Gas is $1.93 which is awesome. I can't believe it. I haven't seen these prices since 2021. I don't know, a long time ago," Ouren said.

The dramatic price drop comes from a simple economic principle: increased supply and decreased demand.

"Refiners are making fuel, less and less people are driving. It drives prices down," said Grier Bailey, executive director of the Colorado-Wyoming Petroleum Marketers Association.

Bailey said some Colorado stations are selling gas for as low as $1.70 per gallon, prices not seen since the COVID-19 pandemic.

"That's great for families. That's great for consumers. That's great for Christmas budgets," Bailey said.

For drivers like Burke, the timing couldn't be better.

"Especially with the holidays coming up, like every bit helps," Burke said.

The savings are substantial for drivers with larger vehicles. Ouren, who drives a truck with a 37-gallon tank, said he typically spends $100 or more to fill up when prices are higher.

He couldn't believe the prices when he filled up his truck.

"Today, it was only $44. It was only $44 but I put in 22.4 gallons," Ouren said.

Drivers hope the low prices continue or drop even further in the coming weeks.

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