Colorado Springs gas prices fall for sixth straight week

COLORADO SPRINGS, Colo. (KRDO) -- According to GasBuddy, average gasoline prices in Colorado Springs have fallen 7.0 cents per gallon in the last week, averaging $2.75/gallon today.

According to GasBuddy, prices in Colorado Springs are 55 cents per gallon lower than one month ago and stand 22.9 cents per gallon lower than one year ago.

According to Gasbuddy, the national average price for a gallon of gasoline has fallen .4 cents in the last week, for an average of $3.21/gallon. The national average price for diesel has fallen 4.7 cents in the last week, standing at $4.18/gallon.

"We've barely eked out a drop in the national average over the last week, extending the streak to 11 straight weeks of decline, even as some states have seen prices jump, while others have seen prices continue to inch lower. Motorists can blame the OPEC+ meeting for causing oil to jump early last week and then plummet late last week for the volatility in gas prices. The good news is that as the dust settled, OPEC+ agreed to barely move the needle, deepening their production cuts by an additional 900,000 barrels per day in 2024, with Saudi Arabia extending their own million barrel per day cut through March. However, that wasn't enough to offset concerns of falling global demand, which pushed oil back down to below $73 in Sunday night trading, giving hope that the national average still could fall to $2.99/gal by the end of the year."

Patrick De Haan, head of petroleum analysis at GasBuddy.