Slight increase in Springs gas prices doesn’t mean end of bargains

For the first time since August, the average price of gas in Colorado Springs increased.

According to GasBuddy.com, the average price of a gallon of regular gas is $1.79, an increase of a little more than eight cents in the past week. The last time there was an increase from one week to the next was in August.

But one local economist said it’s not the end of the low gas prices.

“It could just be a small seasonal quirk, a commitment to a price somebody else had already guaranteed,” economist Fred Crowley said.

Crowley said there is an oversupply of oil production worldwide, which should keep gas prices low for the remainder of the year. The increase in U.S. oil production is also helping to keep the prices down.

He estimates drivers will be paying about $2.25 in the summer.