Denver gas prices climb higher as oil prices hit 2023 high

Denver gas prices were on the rise again last week, jumping 21.1 cents per gallon to close out the week at $3.49 per gallon.

That’s according to a GasBuddy survey of 844 Denver gas stations.

“With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a new release. “While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices.”

The increase erased some of the relief Denver had seen over the past month. Despite the increase last week, Denver gas prices remain 25.7 cents per gallon lower than they were a month ago.

Denver gas prices still look better than they were a year ago too, when they were 36.4 cents per gallon more than they are now.

Nationally, gas prices ticked up 7.6 cents per gallon last week to $3.65. The statewide average price in Colorado was up 14 cents per gallon last week, but is still below the national average at $3.53.

De Haan said most states, including Colorado, have already transitioned to a summer gasoline blend, except in the Northeast, which could mean a sharp rise there in the coming week.

“Oil prices remain a wildcard, but we’re likely a few weeks away from seeing the national average peak,” De Haan said. “Whether it hits $4 per gallon or not is still perhaps a 50/50 chance.”

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