Colorado gas prices lower ahead of summer travel season

Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals
Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

Denver motorists are paying less for gas ahead of this weekend's summer travel kickoff.

By the numbers: The average price per gallon of regular gasoline is $3.27 as of May 1, a 21% decrease from the $4.14 gas a year ago.

  • Denver prices are below the U.S. average of $3.53 per gallon, and down from a month ago, GasBuddy figures show.
  • The state's average price is $3.33.

The big picture: Gas prices set record all-time highs last year amid a broader inflation crisis, and driven in part by Russia's invasion of Ukraine, which destabilized global energy markets.

  • Nationally, gas prices are rising slightly compared to previous months β€” but they're still well below last year's levels as we head into Memorial Day weekend and the travel-heavy summer season.
  • Prices are still well above pre- and mid-pandemic levels.

What they're saying: "Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels," said AAA spokesperson Andrew Gross in a statement.

Yes, but: AAA and others are predicting a surge in summer travel in Colorado and near-record travel nationwide, which could spike demand β€” and thus lead to higher prices.

  • "It's possible this is merely the lull before Memorial Day, but it could be a trend that lingers into summer," Gross said.
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May 23, 2023 - Business

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United Airlines is announcing flights to new destinations and more amenities at the Denver airport ahead of the summer travel season.

Why it matters: United is the largest private employer in Denver with nearly 10,000 employees, and the expansion is part of a larger bid to become the city's hometown airline.

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