DENVER (KDVR) — Signs point to a spendy spring for Colorado commuters and road trippers.
In May, the U.S. will likely see gas prices go higher than they’ve been in seven years and the longest unbroken upward price climb since 2010.
Gas prices are currently responding to a supply issue. The Colonial Pipeline, which supplies 45% of the East Coast’s gas, was the victim of a cybersecurity attack and needed to be shut down. East Coast areas are already beginning to experience limited supply.
The national gas price average was $2.96 this week, the most expensive it has been since May 2018. Experts expect the price to continue upward and surpass the prices of November 2014.
This marks the longest unbroken upward gas price swing since 2010.
Prices haven’t taken a single downturn since November 2020. The last time they grew for seven uninterrupted months began September 2010 and lasted till May 2011.
This is due, in part, to the fact that prices had been steadily dropping since May 2019. They bottomed out during the pandemic in April 2020 at $1.94 per gallon and rebounded from there.
Colorado’s gas is more expensive than most of the United States, in particular its premium gas.
Currently, Colorado has the 14th most expensive regular gasoline at $3.02 per gallon, the 14th most expensive midgrade gas at $3.34 per gallon and the 10th most expensive premium gas at $3.62 per gallon.
Historically, Colorado has gas prices below the national average.
The graph below shows monthly Colorado gas prices. The columns in red represent months in which Colorado’s gas prices were above the national. The blue columns represent months in which it was beneath the national average.
For about 75% of months since June 2000, Colorado’s monthly gas price was below national average, with sporadic months where it was above.
Since the summer of 2018, that has shifted. Since then, Colorado’s gas prices have exceeded the national average most months. This has not happened since the months between June 2000 and the beginning of 2003.