Gas Prices: National Average Falls
National average declines for the first time in four weeks.
DENVER (July 22, 2019) – On the week, 42 states – including Colorado – saw gas prices remain stable or push cheaper, dragging down the national gas price average to $2.76 in its first decline in over a month. All told, today’s national average is a dime more expensive than this time last month, but eight cents cheaper than a year ago.
In Colorado, a gallon of regular unleaded will run motorists an average of $2.67, with lows in Denver ($2.57) and highs in Vail ($3.14). The statewide average is down seven cents on the month and 14 cents on the year.
“We’re at the point in the driving season where demand tends to level off and even dip slightly. That, combined with robust fuel inventory, will roll back pump prices in the short term,” said AAA Colorado spokesman Skyler McKinley. “We can’t yet promise that gas prices are beginning their steady decline into fall, but it’s a welcome relief for motorists just the same.”
Quick Stats
The nation’s top 10 largest weekly changes are: Indiana (-15 cents), Michigan (-12 cents), Illinois (-12 cents), Ohio (-11 cents), Kentucky (-5 cents), Delaware (-5 cents), Florida (+4 cents), West Virginia (+4 cents), Nebraska (-4 cents) and California (-3 cents). The nation’s top 10 least expensive markets are: Mississippi ($2.39), Louisiana ($2.41), Alabama ($2.41), Arkansas ($2.43), South Carolina ($2.46), Oklahoma ($2.48), Tennessee ($2.52), Virginia ($2.52), Texas ($2.53) and Kansas ($2.54).
Rockies Regional Outlook
Across the region, gas prices are cheaper or stable on the week, month, and year – with the exception of Montana. All told, at 99%, the region has the strongest refinery utilization rate in the country. That, combined with gasoline stocks numbering 7.4 million barrels, points to additional near-term, week-to-week declines in gas prices.
Oil Market Dynamics
At the close of Friday’s formal trading session on the New York Mercantile Exchange, WTI crude increased by 33 cents to settle at $55.63. Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly as demand slows and a glut grows in global crude markets. The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day from 1.2 million barrels per day, citing a slowing global economy amid the continuing United States-China trade dispute.
Concerns over the current excess of oil in the crude market overshadowed concerns of increasing tension in the Middle East, marked by the U.S. destruction of an Iranian drone in the Strait of Hormuz and Iran’s capture of a British-flagged oil tanker in the region. If tensions escalate dramatically in the wake of either of these events, however, oil prices could spike in response to concerns that global supply flows may be disrupted.
Colorado Gas by the Numbers
Denver
Current Average: $2.57 Yesterday Average: $2.57 Week Ago Average: $2.59 Month Ago Average: $2.66 Year Ago Average: $2.73
Colorado Springs
Current Average: $2.58 Yesterday Average: $2.58 Week Ago Average: $2.60 Month Ago Average: $2.67 Year Ago Average: $2.74
Boulder-Longmont
Current Average: $2.64 Yesterday Average: $2.66 Week Ago Average: $2.68 Month Ago Average: $2.74 Year Ago Average: $2.73
Fort Collins – Loveland
Current Average: $2.67 Yesterday Average: $2.67 Week Ago Average: $2.69 Month Ago Average: $2.74 Year Ago Average: $2.78
Greeley
Current Average: $2.68 Yesterday Average: $2.68 Week Ago Average: $2.70 Month Ago Average: $2.76 Year Ago Average: $2.82
Grand Junction
Current Average: $2.72 Yesterday Average: $2.72 Week Ago Average: $2.73 Month Ago Average: $2.82 Year Ago Average: $2.94
Durango
Current Average: $2.80 Yesterday Average: $2.80 Week Ago Average: $2.83 Month Ago Average: $2.84 Year Ago Average: $2.80
Pueblo
Current Average: $2.85 Yesterday Average: $2.85 Week Ago Average: $2.86 Month Ago Average: $2.90 Year Ago Average: $2.81
Glenwood Springs
Current Average: $3.03 Yesterday Average: $3.03 Week Ago Average: $3.03 Month Ago Average: $3.03 Year Ago Average: $3.13
Vail
Current Average: $3.14 Yesterday Average: $3.15 Week Ago Average: $3.13 Month Ago Average: $3.12 Year Ago Average: $3.18
About AAA Colorado
More than 695,000 members strong, AAA Colorado is the state’s most-trusted advocate for the safety and security of all travelers. As North America’s largest motoring and leisure travel organization, AAA provides more than 59 million members with travel, insurance, financial, and automotive-related services — as well as member-exclusive savings. For more information, visit AAA.com.
