Audio By Carbonatix
Denver gasoline prices are climbing fast, according to local and national data, but there is some hope for relief, at least.
GasBuddy follows prices at the pump across the country, with the tracker app showing prices have jumped almost 8 cents on average in the United States from Aug. 10 to Aug. 17, to $4.02 per gallon. In Denver, the average price per gallon has jumped over 37 cents over the last week, to $4.27.
Colorado’s other major towns and cities have seen similar increases, including Fort Collins (up 31.2 cents per gallon from last week) and Colorado Springs (up 38.8 cents), according to GasBuddy. Data from AAA is slightly less gloomy, showing a 30-cent weekly increase in Denver and similar bumps in the Springs and Fort Collins, while AAA’s data for Boulder and Longmont shows a 23-cent rise over the same span.
According to both AAA and GasBuddy, Denver’s price per gallon is up around 35 cents over the past month, while Gas Buddy has prices going up $1.30 over the last year and AAA at about $1.23.
The main reason cited for Denver’s inflation at the station has been the war in Iran, which has led to turbulent closures of the Strait of Hormuz, where around one-fifth of the world’s oil must travel through for distribution.
When will it end?
Peak summer travel season is typically connected with higher gas prices. As more children go back to school and fewer family trips take place, the country typically sees a drop in fuel consumption, however.
The Environmental Protection Administration allows gas station to start switching from summer to winter blends of fuel in mid-September, which is expected to provide some economic relief as the weather cools down, as well … even if it’s not immediate.
“As gasoline demand decreases and temperatures cool, retailers are able to switch to selling winter-blend fuel beginning September 15. While these winter-blend fuels are cheaper to produce, the complications of the switchover can result in a temporary bump in price,” reads an explainer from the National Association of Convenience Stores. “Weather conditions, such as hurricanes, can also affect gas prices in the late summer to fall months.”
