(The Center Square) – Coloradans will pay 55 cents less per gallon of gas this Labor Day weekend compared to last year, according to AAA.
The current average price for a gallon of regular gas was $3.422 on Friday, 14% below the average of $3.970 a year ago. The national average for a gallon of regular is $3.350, down 48 cents or 12% from last year’s price of $3.97.
The average price for a gallon of regular was $3.442 last month in Colorado and $3.37 last week, according to AAA. Gas prices in counties on the front range were lower than the rest of the state. Thirty counties on the eastern side of the state reported an average price between $3.115 and $3.345.
The price of gas continues to decline but at a slower pace than earlier in the year. Tropical storms forming in the Atlantic might impact gas prices in the coming weeks. The National Hurricane Center reported two disturbances in the Atlantic with the first turning to the northwest. However, it had less than a 40% chance of becoming a cyclone.
“And the arrival of September means cheaper winter-blend gasoline is almost here, which always helps take pressure off pump prices,” Andrew Gross, a spokesman with AAA, said in a statement.
The most expensive market for gas was Hawaii where the price for a gallon of regular is $4.65 while the least expensive was Mississippi at $2.88.
AAA is beginning to track the top 10 most expensive and least expensive states for Level 2 commercial electricity. The organization estimates 1.2 million AAA members live in households with one or more electric vehicles. AAA is listing the kilowatt-per-hour cost for Level 2 or L2 commercial charging by state. The national average for kilowatt of electricity at an L2 commercial charging station is 34 cents. Hawaii also was the most expensive state for L2 commercial charging per kilowatt hour at 56 cents while Kansas was the cheapest at 22 cents.
Gasoline prices in Colorado’s metropolitan areas ranged from $3.796 for a gallon of regular in Vail to $3.337 in Greeley.
AAA reported gas demand rose last week from 9.19 million to 9.30 million barrels per day, citing information from the Energy Information Administration. Total domestic gasoline inventory fell from 220.2 to 218.4 million barrels.
“Unspectacular gasoline demand and falling oil costs may cause pump prices to slide further,” according to a media release from AAA.
U.S. crude oil inventories are currently about 4% below the five-year average for this time of year, according to AAA.