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Average price of gas in Colorado topped $4 last week

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Robert Davis | The Center Square contributor

(The Center Square) – The average price for a gallon of regular gasoline in Colorado topped $4 last week, according to the latest data from the American Automotive Association (AAA). 

As of Tuesday, the average price of unleaded gasoline in the state sat at $4.10 per gallon, the highest average price AAA has recorded in Colorado. The price represents a more than $1 climb from a year ago.

Analysts say prices may even climb higher as the war in Ukraine continues to roil global energy markets. 

“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season.”

The national average price for a gallon of unleaded gasoline topped $4.37 on Tuesday, up more than five cents from Monday. The price of diesel gasoline climbed up to $5.55 as well, an increase of just one penny from yesterday. 

According to the latest consumer price figures from the Bureau of Labor Statistics, energy services have seen their prices increase by more than 32% year-over-year in March. 

Rising gas prices are also on top of many voters minds as the primary season approaches, according to a recent poll from Rasmussen Reports.

“A majority of voters are concerned about rising energy costs and favor increased drilling for oil and gas, although most Democratic voters consider reducing climate change a higher priority,” Rasmussen said.