DENVER — The average price of a gallon of gasoline in Colorado has increased 27 cents over the last week to set another all-time high in the state.
The average price for a gallon of gas is $4.87 in Colorado as of Sunday, June 12, according to new numbers from AAA Colorado.
Gas in Colorado is now $1.65 higher than one year ago. The statewide average was $4.86 on Saturday, $4.60 last Sunday, and $4.12 one month ago.
The price of a gallon of diesel also set a new record high in Colorado on Sunday, June 12, at $5.51.
The national average for a gallon of unleaded gas is $5.01 as of Sunday, June 12 — 60 cents more than a month ago, and $1.94 more than a year ago.
Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.
“People are still fueling up, despite these high prices,” said Andrew Gross, AAA spokesperson. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
Higher energy prices are hitting lower-income families the hardest. Workers in retail and the fast-food industry can't work from home — they must commute by car or public transportation.
The National Energy Assistance Directors Association estimates that the 20% of families with the lowest income could be spending 38% of their income on energy including gasoline this year, up from 27% in 2020.
“There has got to be some point where people start cutting back, I just don't know what the magic point is,” said Patrick De Haan, an analyst for GasBuddy. “Is it going to be $5? Is it going to be $6, or $7? That's the million-dollar question that nobody knows.”
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