Denver gasoline costs rose one other 3.7 cents per gallon up to now week, now averaging $3.49 per gallon throughout the town on Monday, based on a GasBuddy survey.
Fuel costs in Denver are $1.07 per gallon larger than presently a 12 months in the past, rising 24 cents the final month. Denver continues to outpace the nationwide common, which has solely risen 1.3 cents per gallon within the final seven days.
“Fuel costs throughout the nation have been a bit sideways within the final week with a blended bag of decreases and will increase,” mentioned Patrick De Haan, head of petroleum evaluation for GasBuddy in a information launch, “However total, the nationwide common hasn’t seen a lot significant course as oil costs stay beneath their early-July ranges to this point due to OPEC coming to an settlement on manufacturing over the weekend.”
The costliest gasoline station within the metro is the Conoco on Speer Boulevard, priced at $3.88 per gallon, whereas the most affordable is Costco on South Havana Avenue in Aurora.
“OPEC’s plan is to boost oil manufacturing by 400,000 (barrels per day) every month till 2022, at which period OPEC’s oil manufacturing will probably be again at pre-Covid ranges,” De Haan mentioned. “It’s a optimistic improvement in gentle of U.S. gasoline demand which final week rose almost 2%, which ought to act as a free ceiling on the worth of oil, and will imply we’re even nearer to seeing a peak within the nationwide common if we haven’t already.”
Based on De Haan, oil refinery shares of gasoline have fallen round 30% since April in Petroleum Administration Protection District 4, which covers the Rocky Mountain area. That’s precipitated an increase within the wholesale value inflicting the costs to be larger in Denver and Colorado. De Haan theorizes that there could also be larger demand within the space as a consequence of it being a vacationer vacation spot. Inventories are decrease at this level in the summertime than at any level up to now seven years.
Historic common gasoline costs in Denver going again 10 years:
- July 19, 2020: $2.42/g (U.S. Common: $2.18/g)
- July 19, 2019: $2.55/g (U.S. Common: $2.77/g)
- July 19, 2018: $2.71/g (U.S. Common: $2.85/g)
- July 19, 2017: $2.19/g (U.S. Common: $2.27/g)
- July 19, 2016: $2.13/g (U.S. Common: $2.19/g)
- July 19, 2015: $2.73/g (U.S. Common: $2.76/g)
- July 19, 2014: $3.57/g (U.S. Common: $3.58/g)
- July 19, 2013: $3.51/g (U.S. Common: $3.67/g)
- July 19, 2012: $3.51/g (U.S. Common: $3.43/g)
- July 19, 2011: $3.45/g (U.S. Common: $3.67/g)