Motorists in Colorado Springs are experiencing relief at the pump as gas prices have fallen below $3 per gallon at many stations. This marks the first time in months that prices have dipped to this level.
According to GasBuddy, the average price for a gallon of regular unleaded gasoline was $3.02 on Tuesday. This is a decrease of more than 34 cents from last month’s average of $3.37.
Skylar McKinney from AAA Colorado explained that the drop in prices is mainly due to reduced economic activity as the seasons change. “People use gas based on their economic activities,” McKinney said. “They drive to work, go on vacation, and visit restaurants and bars.”
As kids return to school and days get shorter, many families are traveling less. Although Colorado has experienced a warm summer, cooler temperatures are starting to arrive. These factors lead to decreased demand for gasoline. When demand decreases and supply remains steady, gas prices tend to fall.
While areas along the Interstate 70 corridor, such as Garfield and Pitkin counties, will continue to see higher gas prices, major population centers like Denver, Pueblo, and Colorado Springs are expected to enjoy lower prices in the coming months. “That’s good news for working families in Colorado,” McKinney noted.
Typically, gas prices rise during the Thanksgiving and Christmas seasons due to increased travel, but McKinney anticipates that these increases will stabilize afterward.
Unexpected events, both in the U.S. and abroad, could cause gas prices to rise again. McKinney highlighted that the current hurricane season has been problematic. “Most storms have headed toward Florida and have not impacted our refining capacity along the Texas coastline. However, a major storm in Texas could drive prices up,” he said.
Additionally, escalating tensions between Israel and Iran could also affect gas prices. “If that region enters a larger conflict, it could disrupt oil markets, especially since a significant amount of oil passes through the Straits of Hormuz,” McKinney warned.
Despite upcoming elections, McKinney believes gas prices will remain stable or continue to decrease. “Gas prices often become a political issue, but no president can simply lower them. If it were that easy, wouldn’t every president do it?” he asked. “There are uncertainties ahead, but for now, we can enjoy the falling prices.”
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