Shortage in gas supply may cause prices in metro area to climb

DENVER - In and around the metro area, plastic bags can be found wrapped around gas pumps at several stations.

Analysts say problems at oil refineries in Texas and Oklahoma, which feed Colorado pumps, are causing supplies to go down and of course causing prices to shoot up.

"It's been a strange year for outages and problems at the refineries. It's classic supply and demand. That's what we're seeing. The refineries aren't sending what they used to in Denver and it's coming at a time when more drivers are demanding gas," said Eric Escudero of AAA Colorado.

Drivers in Glenwood Springs and Vail are already paying more than $3 for a gallon of regular unleaded. If the shortage continues, analysts say, the approaching summer travel season and hurricane season won't help matters for metro drivers.

"The price predictions of $4 a gallon are to be honest outlandish. It's possible, but it would take a catastrophe for that to happen. That said, we'll see a continuing uphill trend this summer," said Escudero.

Representatives of AAA Colorado say routine maintenance like cleaning air filters and making sure tires are properly inflated can increase fuel efficiency.

Compared to the rest of the nation, gas prices in Colorado are relatively low.

On Friday, the average price of a gallon of regular unleaded gas in Denver stood at $2.82. That price ranks among the lowest in the state.

That may be little comfort for drivers who say they feel like they are being drained of money every time they fill up.

The increasing gas prices come at a time when some oil companies are posting big gains. Exxon Mobil and Chevron respectively reported 10 and 18 percent first quarter earning increases.