In Colorado, a gallon of gas is $1.61 more than it was a year ago. The average price of gasoline in the state increased 78 cents over the last month, setting an all-time high record Monday, according to AAA.
A month ago, gas was about $4.13 per gallon in Colorado. A week ago, it was $4.87 a gallon, Sunday it was $4.90 a gallon, and today, it is at $4.91.
Diesel prices also set a new record high when it hit $5.53 on Sunday, according to AAA. .
Nationally, however, the average price for gasoline dropped by about 4.2 cents a gallon, averaging $4.97 a gallon today.
“For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a press release.
Although the dip in nationwide gas prices was minimal, De Haan said he was hopeful that the increase in price may slow.
“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” De Haan said. “But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”
Russia’s invasion of Ukraine, coupled with sanctions against Russia imposed by the U.S. and its allies, have certainly been a contributing factor to higher gas prices, as Russia is a leading oil-producer worldwide and the biggest supplier of oil to Europe, according to the International Energy Agency.
The issue is not endemic to only the United States. Gas prices have been on the rise across the globe. Since December, the price of international crude oil has nearly doubled.
Experts are largely in agreement that there is no quick fix to the issue, and prices will likely continue to increase through the summer.