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$4.60 a gallon: Colorado gas prices set new record high

"Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon," said one analyst.

DENVER — The average price of a gallon of gasoline in Colorado jumped overnight to set a new all-time high in the state.

The average price for a gallon of gas is $4.60 in Colorado as of Sunday, June 5, according to new numbers from AAA Colorado.

Gas is now 35 cents higher than one week ago in Colorado. The statewide average was $4.56 on Saturday, $4.26 last Sunday, and $4.03 one month ago.

The price of a gallon of diesel also set a new record high in Colorado on Sunday, June 5, at $5.63.

The national average is $4.84 as of Sunday, June 5.

Where to find the cheapest gas in Denver

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I'm afraid the good news ends there," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won't be able to catch up.

"Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon," said De Haan.

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