Gas Prices Spike Again in CO; How High Will They Go?

Gas prices seem to be a popular topic these days, and rightfully so. The price of gas continues to go up, and while it will drop 10 cents here and there, it typically doesn't last long before a major spike takes place to offset the few days of lower costs. Thanks to conflicts in the Middle East, gas prices are beginning to go higher and higher, and many fear they could reach prices similar to June 2022, when they were one of the highest prices in United States history. While prices haven't gotten that high yet, how long until they do? When will gas prices stop going up, and how high could they get in Colorado, especially with summer fast approaching? 

Gas Prices in Colorado

Gas near my home has been steady for the last couple of weeks, remaining between $3.79 to $3.99 per gallon. In a 48-hour time span, though, from Sunday, April 26, to Tuesday, April 28, gas went from $3.79 a gallon to $3.99 a gallon, before going all the way up to $4.29 a gallon. That is a 50-cent increase in two days. That may not seem like much to some, but it adds up, and a half-dollar increase is a decent jump and raises eyebrows. The fear is that most know gas prices are at their highest during the summer when many families are road tripping and travelling. With the cost of gas going north of four dollars before Memorial Day, the question now turns to, what should residents of Colorado expect to pay this summer and beyond? 

How High Will Gas Prices Go in Colorado This Year? 

June 2022 and the year 2008 are when gas prices have been the highest. The good news is that prices are not there currently, but could they be by the end of the year? According to some analysts, it is expected that gas prices will continue to rise as summer approaches and could reach higher than $5 by mid-May. The hope is that the spike would only last between three and six months and then costs would normalize, but if not, then prices could eventually go north of $7 per gallon. Nobody knows exactly when the cost of gas will go down. As long as the war in the Middle East is taking place, prices will continue to rise. The good news is that once the war ends, prices could be regulated and see a significant drop soon after, but how low they would come down is unknown. 

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For more on gas prices and the expectation of how high they could get, make sure to click the link above. If you see them drop 10 cents or more in a day, make sure to fill up, because you never know when another spike in gas prices will occur.