Colorado Springs gas prices likely to remain above $4 per gallon
Colorado Springs motorists who are used to lower gas prices in August may need to brace themselves for an extended period of pain at the pump, according to AAA Colorado.
The average price for a gallon of gas was $4.13 on Friday, the 11th consecutive day above $4 in the state, which was surpassed on July 21, the driving club said.
A seasonal price downshift may not happen this year.
“Typically, August brings some relief at the pump as road trips wind down and fall routines get underway for many families,” AAA said in a Thursday news release. “But elevated crude oil prices could prevent that seasonal shift from starting just yet.”
Those prices are largely being driven by the war in the Middle East that affects oil shipping in the Strait of Hormuz, according to Reuters.
Gas prices rose in lockstep with crude oil prices, which surged last week following the collapse of the truce between the U.S. and Iran in early July. The two typically move in the same direction because crude feedstock is the dominant cost in gas production, Reuters said.
The $4 price point creates “financial pain for many households,” the news agency added.
Leading up to the Fourth of July weekend, drivers saw lower prices at the pump. On July 2, the citywide average was $3.60 per gallon.
In May, GasBuddy estimated the summer would go on record as the most expensive at the pump because of ongoing hostilities. Despite some hope last month that prices would come down, that forecast may remain relevant, according to GasBuddy.
“For now, motorists should expect prices to remain elevated, but the intensity of further gains will depend heavily on how the geopolitical situation develops in the coming week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.





