Coloradans haven’t seen gas prices under $3 for some time now, but motorists in Longmont and Firestone are enjoying the lowest prices in the state with several gas stations now hitting $2.94 per gallon, according to GasBuddy.
Nationally, gas prices are continuing to plummet, with the average price hitting $3.99, below $4 for the first time since February. While that is instant relief for many drivers and families, Skyler McKinley, AAA’s regional director of public affairs, said the downward trend could be a bad sign.
“We had high, high prices for so long because there was significantly more demand than supply,” McKinley said. “Supply has not really increased in the past several months, so we’re seeing the fall because of the demand side of the equation. Those aren’t necessarily good changes.”
Motorists are driving less and changed their behavior to match the high prices, and on a larger scale, crude oil prices have been fluctuating wildly as fears of a recession grows.
McKinley noted that Colorado has one of the fastest declining gas rates, $4.08 on Thursday according to AAA, and has seen an over 70-cent drop on the month, “but at what cost?”
All eyes are on the global economy and central banks and, locally, indicators like jobs and wages.
“If we start to see folk losing their jobs, if we start to see losses in wage gain, that might mean cheaper gas, but it will mean an economy where we’re all hurting a little bit more,” McKinley said. “If prices fall and folks keep their jobs, that might mean the central banks have nailed cooling down the economy without causing a recession.”
The major indicator, McKinley said, will be Labor Day. Gas prices normally fall some as people stop traveling, but if gas prices are still plummeting then like they are now, it could be a bad sign.
“It’s too early to make an assessment until after Labor Day,” McKinley said.
For now, though, McKinley said Coloradans can enjoy the relief at the pump, as prices in the Denver Metro are at lows of $3.55, according to Gas Buddy.
Three gas stations in Longmont and one in Firestone – all at the Interstate 25 and Colorado 119 intersection in the Del Camino Business Park area – are selling gas for less than $3 at $2.94 or $2.99, according to GasBuddy.
Cheapest gas in Colorado right now
$2.94 — Phillips 66, 3851 Colorado 119, Longmont
$2.94 — Circle K, 10963 W. I-25 Frontage Road, Longmont
$2.94 — QuikTrip, 3979 Colorado 119, Firestone
$2.99 — 7-Eleven, 3914 Colorado 119, Longmont
$3.03 — Exxon, 3768 Colorado 52, Frederick
$3.13 — Conoco, 11099 E. Frontage Road, Firestone
$3.29 — Sam’s Club, 1200 Hover St., Longmont
$3.38 — King Soopers, 6110 Firestone Blvd., Firestone
$3.38 — Murphy Express, 4615 City Centre Road, Longmont
$3.45 — Conoco, 900 Ken Pratt Blvd., Longmont
