Colorado Gas Prices Highest In 8 Years Amid Ukraine Invasion

Denver CO

01 March, 2022

1:20 PM

Description

DENVER, CO — Coloradans are seeing the highest gas prices in eight years as Russia's invasion of Ukraine roils global oil markets. That's according to AAA, which said Tuesday the average gallon of regular gas reached $3.39 in Colorado, up three cents from a week ago, eight cents in the last month and 73 cents higher than this time last year. Coloradans haven't seen such high gas prices for this time of year since 2014. And relief isn't expected to come anytime soon — prices were expected to rise as seasonal demand grows, with "significant spikes" possible this year amid international uncertainty, AAA said. Russia's invasion, along with ensuing sanctions by the U.S. and its allies, sent "jitters across the global oil market," Skyler McKinley, regional director of public affairs for AAA, said in a statement. "Just like the stock market, the oil market responds poorly to volatility," McKinley said. "It's an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers." Russia exports the third most oil in the world, according to the U.S. Energy Information Administration. Gasoline is made from crude oil and bought in global markets, usually by refineries that convert crude oil into products such as gasoline. As Western countries levy heavy sanctions on Russia in response to its invasion, experts expect Russia will retaliate by slashing fuel sales. Uncertainty over the invasion drove the price of oil to $100 a barrel, and the price of regular gas in the United States averaged $3.62 a gallon Tuesday. That's 23 cents higher than Colorado. Additional squeezing could surge the national average past $4.11, the record set in 2008. Even as Coloradans feel more pain at the pump, the price is still well below 2008 levels, when a gallon of regular gas in the state topped $4 a gallon. Colorado Gas By The Numbers (Low to High) Greeley Current Average: $3.27Yesterday Average: $3.27Week Ago Average: $3.25Month Ago Average: $3.17Year Ago Average: $2.59Highest Recorded Average: $4.09 (7/17/08) Boulder-Longmont Current Average: $3.29Yesterday Average: $3.28Week Ago Average: $3.27Month Ago Average: $3.24Year Ago Average: $2.59Highest Recorded Average: $4.05 (7/18/08 Denver Current Average: $3.30Yesterday Average: $3.30Week Ago Average: $3.28Month Ago Average: $3.21Year Ago Average: $2.61Highest Recorded Average: $4.00 (7/17/08) Grand Junction Current Average: $3.31Yesterday Average: $3.32Week Ago Average: $3.29Month Ago Average: $3.20Year Ago Average: $2.64Highest Recorded Average: $4.23 (7/15/08) Fort Collins-Loveland Current Average: $3.33Yesterday Average: $3.34Week Ago Average: $3.32Month Ago Average: $3.29Year Ago Average: $2.58Highest Recorded Average: $4.04 (7/6/08) Colorado Springs Current Average: $3.38Yesterday Average: $3.38Week Ago Average: $3.33Month Ago Average: $3.31Year Ago Average: $2.63Highest Recorded Average: $3.98 (7/17/08) Pueblo Current Average: $3.49Yesterday Average: $3.49Week Ago Average: $3.48Month Ago Average: $3.49Year Ago Average: $2.64Highest Recorded Average: $4.04 (7/18/08) Glenwood Springs Current Average: $3.58Yesterday Average: $3.58Week Ago Average: $3.57Month Ago Average: $3.53Year Ago Average: $2.86Highest Recorded Average: $4.49 (7/19/08) Durango Current Average: $3.68Yesterday Average: $3.69Week Ago Average: $3.67Month Ago Average: $3.58Year Ago Average: $2.73Highest Recorded Average: $4.22 (7/18/08) Vail Current Average: $3.73Yesterday Average: $3.78Week Ago Average: $3.75Month Ago Average: $3.61Year Ago Average: $3.03Highest Recorded Average: $4.53 (7/16/08)