Gas prices dropping in southern Colorado

Gas prices continue to come down in southern Colorado, dropping to below $3 at some gas stations.

According to GasBuddy.com, the average price in Colorado Springs is $3.17 a gallon. It’s a price drop of nearly 40 cents, in the last month.

At Sinclair on Academy Avenue and Constitution Avenue, the price was at $2.99 on Monday. Drivers flocked to fill up their tanks.

“Things have been crazy here. Gas is at 2.99. And we’re loving every minute of it,” Manager Joseph Harris said.

Gas prices have been decreasing all over the U.S.

“One of the big reasons is just going to be global weakness and economic performance,” UCCS Associate Professor of Economics Dale DeBoer said.

DeBoer said there are four reasons why gas prices have been decreasing. The economy in Europe, China and Japan – some of the biggest petroleum consumers – is weak, so demand for petroleum is down. The U.S. has increased its own oil production, the US dollar has gotten stronger, which makes import prices cheaper and there is a weakness in OPEC.

He said if these factors remain, we can expect gas prices to stay low through the rest of the year.

As for Sinclair, Harris said they have their own reasons for keeping gas prices extra low.

“(We’re) taking care of the people of Colorado Springs,” He said.