Experts Say High Memorial Day Gas Prices Trend A Myth
DENVER (CBS4) – The pain at the pump might not be as bad this summer as first feared. Prices spiked over the winter, but they’ve been falling lately.
Gas prices typically jump as around Memorial Day weekend. That is certainly the assumption, but gas prices in Denver are now hovering at $3.70. The last time prices have actually gone up going into Memorial Weekend was in 2009.
“Well thankfully they’re going down, but it still feels like they’re too high,” driver Mary Morrissey said.
According to DenverGasPrices.com, the average price for a gallon in Colorado is $3.73.
“I know historically it tends to go up before the holiday weekend,” driver Donna Rodden said.
The experts call that a myth.
“If they do go down as we approach Memorial Day across Denver, which it looks like will be the case, it will actually mark the third consecutive year that gas prices have fallen leading into the Memorial Day holiday weekend,” GasBuddy.com Senior Petroleum Analyst Patrick Dehaan said.
The prices now are close to where they were this time last year, but many people still say they have cut back due to high gas prices.
“I don’t drive the car one day a week,” driver Becky Hubbarth said.
“I ride my bike more,” Rodden said.
“I take the bus most of the time,” David McKean said.
Experts predict prices to stay between $3.50 to $4 this summer, but the one thing that could that is a hurricane.
“We have seen hurricane season disrupt a lot of oil infrastructure, refining capacity, and also oil production,” Dehaan said.
Gas prices tend to rise the most during the year in the late winter and early spring.