Gas Prices Set Yearly High

Gas Prices Set Yearly High

Colorado prices remain below national average, but will likely rise above $3.00 mark by Memorial Day weekend.

DENVER (April 29, 2019)  – One week after the U.S. State Department announced the end of waivers for countries to import oil from Iran, crude oil and pump prices continue to rise – and show no signs of slowing down between now and Memorial Day. With a 4-cent jump on the week, today’s national gas price average sets a new high for 2019 at $2.88. That’s 20 cents more than a month ago and 63-cents more expensive than at the beginning of the year. 

In Colorado, pump prices average $2.77 for a gallon of unleaded, reaching a high for 2019 and their highest price since November 2018. Prices are up a nickel from this time last week, a quarter from this time last month, and 12 cents from this time last year. 

“Any driver will tell you they’ve felt an increasing squeeze on their wallets every time they’ve filled up their car this year,” said AAA Colorado spokesman Skyler McKinley. 

AAA identified the median income for each county in the country, broken down to an income by minute assuming a 40-hour workweek. Per this research, Americans must work 22 percent longer than at the start of the year to buy one gallon of unleaded gasoline – 7.3 minutes, compared to 5.76 minutes in January. Counties in the Southeastern United States have been hit the hardest. In McCreary County, Kentucky, for example, workers need to work an additional 4 minutes for every gallon of gas they buy, as compared to January.

In Colorado, the average worker in Costilla County will need to work for 12.62 minutes to buy a gallon of gasoline, while the average worker in Douglas County will need to work just 2.97 minutes. In Denver, the average worker needs to work for 5.52 minutes to afford a gallon of gasoline. In El Paso County, a gallon of gas costs the average worker 5.4 minutes of labor. In Pueblo County, the average worker will need to work for 8.2 minutes to buy a gallon of gas. 

All told, the average worker in Colorado needs to work 7.32 minutes to buy a gallon of gas, up from 5.00 minutes at the start of 2019. 

Gas prices are expected to rise through Memorial Day, and will likely top off at or slightly above a statewide average of $3.00 per gallon. Still, there is good reason to believe price increases will be less dramatic in Colorado than elsewhere. This week, for the first time in more than a month, the region’s gasoline stocks increased, per the latest Energy Information Administration Analysis. With a three percent increase in regional refinery utilization, stocks added 353,000 barrels to push the total to 7 million barrels.

 

Colorado Gas by the Numbers

 Denver

The average worker would need to work for 5.52 minutes to afford a single gallon of gas. 

  • Current Average: $2.70
  • Yesterday Average: $2.70
  • Week Ago Average: $2.65
  • Month Ago Average: $2.43
  • Year Ago Average: $2.59

 

About AAA Colorado

More than 685,000 members strong, AAA Colorado is the state’s most-trusted advocate for the safety and security of all travelers. As North America’s largest motoring and leisure travel organization, AAA provides more than 59 million members with travel, insurance, financial, and automotive-related services – as well as member-exclusive savings. For more information, visit AAA.com.

 

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