Colorado has the ninth highest fuel costs within the nation at a median of $3.53 per gallon of normal grade fuel, based on AAA.
The typical represents a lower of greater than 7 cents per gallon since final month, however remains to be round 30 cents above the nationwide common, the survey exhibits. Presently final yr, Colorado motorists paid a median of $2.26 for a gallon of fuel.
Mid-grade and premium fuel customers are spending a median of $3.86 and $4.15 per gallon, respectively. A yr in the past, the price of every grade was $2.58 and $2.86. Diesel now prices a median of $3.45 per gallon, up $1.26 from a yr in the past.
Areas akin to Longmont, Boulder, Pueblo, and Vail have increased common fuel costs than Colorado’s statewide common. Vail leads all areas tracked by AAA with a median worth of $3.79.
In the meantime, extra populated areas like Denver and Fort Collins had decrease than common fuel costs, at $3.49 and $3.47, respectively.
Regardless of growing manufacturing, Andrew Gross, a spokesperson for AAA, estimates that COVID-19 issues and provide chain disruptions are the first culprits for the elevated fuel costs.
“There could also be some aid on the horizon as a result of information that OPEC and its allies would possibly ramp up manufacturing will increase sooner than beforehand agreed,” he stated in a press release.
In accordance with new information from the Vitality Data Administration (EIA), the entire home gasoline output elevated by greater than 200,000 barrels of crude oil final week. Nevertheless, the common worth per barrel stays close to $75, which is holding fuel costs elevated throughout the nation.
AAA discovered that the nationwide common worth for a gallon of fuel elevated two cents to $3.20 final month, the very best common since October 2014. The value can also be $1.02 increased than this time final yr.
AAA says costs might start to say no if OPEC agrees to provide an extra 400,000 barrels of crude oil per day in November. The group beforehand agreed to a 400,000 barrel per day improve again in June that’s scheduled to finish in April 2022.