Biz: Gas Prices Expected to Dip

July 14 2014, 9:45 AM

Good news if you still have travel plans for the rest of the summer: gas prices in Colorado are expected to dip below $3.50 per gallon, the first time prices will have been that low since before the beginning of summer travel season. Average retail prices in Denver have dropped 5 cents in the past week. The average price at the pump in the Mile High City is $3.58 per gallon, according to gasbuddy.com, which tracks statistics on gas prices around the country. Denver gas prices had been well below the national average, but prices around the country dipped 3.7 cents on average in the past week. Now, the national average is $3.61 per gallon. 

"The last two weeks have seen some large drops in oil prices and gasoline spot prices, a very exciting thing to see in the middle of the summer driving season," said senior petroleum analyst Patrick DeHaan, who works for gasbuddy.com, in a statement. "Motorists have some nice relief coming at the pump to look forward to in the next week to two as these drops make it to retail outlets."

Still, compared to the same time last year, prices are an average of 5.7 cents higher per gallon. Tip: DeHaan says the quick drop in wholesale prices could lead to a "wide array" of prices at various stations in the next few weeks. Point is, shop around. 

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