Colorado Springs gas prices plunge, heading toward levels not seen in months

At the Everyday gas outlet at 1823 N. Circle Drive in Colorado Springs, the price for a gallon of unleaded regular gasoline hovered near $4 on Monday. Gas prices in the Springs and nationwide have fallen for seven straight weeks, including a local drop of about 25 cents a gallon in the last week, according to GasBuddy.com . JERILEE BENNETT, THE GAZETTE
Here’s something motorists probably never thought they’d be happy to see: gas prices near $4 a gallon.
After Colorado Springs-area prices broke the $4 mark in early May, and then soared to a record high of just under $5 in mid June, they’ve now fallen for seven straight weeks — averaging $4.378 on Monday for a gallon of unleaded regular, according to GasBuddy.com, the online service that tracks prices nationwide.
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The latest average price is down almost 54 cents a gallon from a month ago, and fell nearly 27 cents a gallon in just the last week alone, GasBuddy figures show. Still, prices remain about 85 cents higher than a year ago, according to GasBuddy.
Though the average remains well above $4 a gallon, some Springs-area fuel outlets were selling gas for close to — and even slightly under — that mark on Monday.
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On Monday, motorists paid $3.98 for a gallon of unleaded regular at the members-only Sam’s Club warehouse store at 1850 E. Woodmen Road in northern Colorado Springs — the cheapest in the area, GasBuddy’s survey shows.
At the members-only Costco Wholesale Club stores at 5050 N. Nevada Ave. and 5885 Barnes Road, motorists fueled up for a penny more at $3.99 a gallon.
For motorists who aren’t Sam’s or Costco members, gas was selling for as low as $4.05 a gallon at a pair of Murphy Express gas stations and convenience stores at 4010 Lee Vance View in the Springs and 15931 Jackson Creek Parkway in Monument, according to GasBuddy.
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The same prices also could be found in Colorado Springs at an Everyday gas station and retail outlet at 1823 N. Circle Drive and a 7-Eleven/Sinclair at 1905 N. Academy Blvd.
Statewide, gas prices also averaged $4.378 a gallon for regular unleaded, while Denver-area prices were nine cents cheaper at $4.288, according to GasBuddy.
Nationwide, prices averaged $4.169, though nearly 20 states have seen their average decline to $3.99 or less, GasBuddy figures show.
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Gas prices have fallen steadily since mid June in the Springs, Colorado and nationwide, which mirrors a drop in global crude oil prices, said Patrick DeHaan, GasBuddy’s head of petroleum analysis.
“That’s been the story for the last seven weeks,” DeHaan said of the trend of falling prices. “It continues. We haven’t seen anything to change it. We’re constantly on the watch, though, for potential impacts, a sudden shift in supply or demand could really change the outcome.”
A hurricane that impacts refinery operations or another unexpected jolt to gas supplies could be one such impact that could propel prices higher, DeHaan said.
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At the same, a recession could lead to a slowdown in demand for gas, and prices could fall even further as a result, he said.
For now, as long as oil prices hold at current levels or decline, expect fuel costs to continue to drop heading into Labor Day in about a month, DeHaan said.
“We keep going down and I’m hopeful that will continue,” he said.






