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Centennial State News

Monday, November 25, 2024

Pump pain: Colorado drivers to spend $37.13 more on gas on average this August

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The average Colorado driver will pay $37.13 more at the pump in August 2022 than they did in August 2021, according to an analysis of gas prices from the AAA motor club and Federal Highway Administration (FHA) data by Centennial State News.

Colorado drivers will pay an average of $4.40 per gallon of regular gasoline this month versus $3.56 last year. This is a 23.5 percent increase equaling $0.84 per gallon.

Of the 10 Colorado metropolitan areas analyzed, drivers in Durango faced the largest price hike at the pump in the last year of $42.20. Glenwood Springs was spared the worst pain, with the price of gas rising $26.56 from August 2021 to August 2022.

Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.

The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.

A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.

Colorado drivers average 1,074.9 miles and use 44.4 gallons of gasoline per month, according to the FHA.

Colorado gas price difference - August 2021 vs. August 2022

Market20222021CHG%Total increase
Durango$4.33$3.38$0.9528.1%$42.20
Fort Collins-Loveland$4.39$3.51$0.8825.0%$39
Colorado Springs$4.40$3.53$0.8724.6%$38.64
Grand Junction (CO only)$4.51$3.64$0.8623.7%$38.38
Boulder-Longmont$4.39$3.53$0.8624.4%$38.24
Denver$4.35$3.54$0.8123.0%$36.11
Pueblo$4.37$3.59$0.7821.8%$34.73
Vail$4.64$3.98$0.6716.7%$29.58
Greeley$4.15$3.53$0.6317.7%$27.76
Glenwood Springs$4.54$3.94$0.6015.2%$26.56

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