What to expect at the pump ahead of Memorial Day weekend
COLORADO SPRINGS, Colo., (KRDO) -- With Memorial Day and the start of the summer driving season just a few days away, the cost of gas is weighing on the mind of many Americans. Now, the American Petroleum Institute and Energy Marketers of America discussed the factors contributing to prices at the pump.
Officials say the contributing factors to the high cost of gas prices include the Russian invasion of Ukraine since it accounts for 12 percent of all global energy exports, but the pandemic also seems to have a toll on the industry.
Historically, gas prices always rise heading into Memorial Day Weekend and remain higher until Labor Day, but experts say it's not looking good this year. Consumers will continue to see record-high prices.
Skyler McKinley with Triple A Colorado says this is the highest the state has ever seen.
"The last time gas prices were in this neighborhood was in 2008, but we are significantly above those now," McKinley said. "Here is the interesting thing when it comes to gas prices: this is the low point before comes to summer."
The average gas price in Colorado Springs is about $4.21. Regardless, the prices aren't scaring drivers away. Triple A Colorado says more than 700,000 Coloradans are expected to hit the roads this holiday season. That means demand will be higher, contributing to higher prices.
"We might hit a point, a line in the sand where folks say, 'you know what, I am not going to travel'," McKinley said. "That can bring demand down, which will allow supply to catch up. That could stabilize prices and perhaps bring them down."
Frank Macchiarola with the American Petroleum Institute believes the Biden Administration needs to take action. "They should provide additional supply into the marketplace by promoting more U.S. natural gas production, more U.S. oil production into the market, that can have a positive effect for the American people as they seek some relief at the pump," Macchiarola added.
Triple A Colorado suggests becoming a member of Costco or Sam's Club, which could save you some change this summer when it comes to gas. Experts also recommend signing up for fuel reward points at your local gas station. For more tips, head to their website.
