Denver gas prices fall 5.2 cents with U.S. energy boom forecasted
DENVER — Average retail gasoline prices in Denver have fallen 5.2 cents per gallon in the past week, averaging $3.62/g Sunday, according to GasBuddy’s daily survey of 844 gas outlets.
Nationally gas prices have fallen 3.8 cents per gallon in the last week to an average of $3.57.
“Relief continues to show up at pumps in the Great Lakes, while the opposite trend has started in California,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Gasoline prices are certainly a bit wacky right now across the country with prices moving in difference directions, but from what we saw in the last few days with oil prices, I’m hopeful that most areas of the United States will see new or continued relief for at least the first half of this week, with some areas seeing a continued drop for most of this week,” DeHaan said.
The U.S. appears to be entering into an energy boom.
This week, the sector will be in focus, with President Obama expected to unveil a national plan to combat climate change on Tuesday.
The energy renaissance has also been on the mind of portfolio manager Mark Freeman, who has been stocking up on companies that are benefiting from it. Freeman said his investments have been driven by the U.S.’ push to become energy independent and its focus on renewable energy sources.
“You get a powerful dynamic in achieving self sufficiency,” said Freeman, chief investing officer of Westwood Holdings Group, which manages $8 billion in assets.
American oil production has surged, and is expected to continue rising. It’s lit a fire under energy stocks — the S&P 500 energy sector index is up over 20% in the past year.
CNN contributed to this report.AlertMe