Colo. Gas Prices Now Lowest Since 2009

February 15, 2016

Gas prices continue to plummet in Colorado, dropping more than 7 cents a gallon in the past week to their lowest point since 2009 -- to $1.56 per gallon.

Will Speer, a senior analyst with GasBuddy.com, says prices will remain low for a while, since refineries are sitting on historic levels of supply.

There's "massive oversupply right now for gasoline, and that’s going to keep a cap on how high gasoline prices can get when we start getting into the summer driving months were demand picks up," he said.

Refineries have begun to dial back production in hopes of driving the prices back up.  But as long as crude oil is trading around 30 dollars a barrel, there’s a limit to how much gas prices can rise.