DENVER — The average price of a gallon of gasoline in Colorado is up to $3.37 — 73 cents more than this time last year.
AAA Colorado said that's the highest average recorded for this time of year since 2014. Colorado's average price is up three cents from a week ago and eight cents on the month.
AAA Colorado predicts that gas prices will continue to rise following Russia's invasion of Ukraine as well as because of seasonal demand. Significant spikes are possible in 2022 amid continued international uncertainty.
"Russia's invasion and the responding escalating series of financial sanctions by the U.S. and its allies have sent jitters across the global oil market," said Skyler McKinley, Regional Director of Public Affairs for AAA.
"Just like the stock market, the oil market responds poorly to volatility. It's an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers."
Russia's invasion of Ukraine has led to crude spiking to over $100 per barrel before settling back into the mid-$90s, said AAA Colorado.
Denver gas price by the numbers:
- Current Average: $3.30
- Yesterday Average: $3.30
- Week Ago Average: $3.28
- Month Ago Average: $3.21
- Year Ago Average: $2.61
- Highest Recorded Average: $4.00 (7/17/08)
Nation's top 10 most expensive markets:
- California ($4.82)
- Hawaii ($4.54)
- Oregon ($4.02)
- Nevada ($4.02)
- Washington ($4.00)
- Alaska ($3.88)
- Illinois ($3.85)
- Arizona ($3.81)
- New York ($3.80)
- Washington, D.C. ($3.77)
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