Gas Prices Hit Lowest Point Nationally Since 2008

DENVER (CBS4) - Nationally, gas prices haven't been this low since 2008. In Colorado, AAA says currently the state average is $1.95 per gallon. A year ago, the Colorado average was $2.84.

In the Denver metro, the average price right now is $1.87 a gallon, which is almost a dollar less compared to a year ago, according to AAA Colorado. One driver said he's probably spending $25 less a month on gas.

So what will Denverites do with the extra cash?

"I would probably pocket the money and just continue to spend money on gas, and travel a little bit more now that I have the extra money to spend," said Felicia Martinez.

Last year at this time, drivers paid roughly $2.80 for 10 gallons of gas. When that's multiplied by four (for the four weeks leading up to Christmas), it means drivers paid a total of $112. But now paying roughly $1.87 in the Denver metro area, drivers will save over $37 compared to last year.

"I think we'll probably spend more on Christmas gifts, it goes back into the budget so all that money just goes back into the same pot," said family man Tony Reynolds.

However, a young single guy who just moved to Denver said he'd probably pocket the difference on the cheaper prices, noting he's really big on saving.

On the flip side, Tony Fishel of Lakewood said with a grin, "Oh, I'd like to say I'll pocket it, but I probably will spend it on gifts for Christmas, have family coming into town this year, I am hosting, so I'll probably spend more than I want to."

Others don't see any real benefit.

"You're really not saving anywhere, you get lower gas prices but everything else goes up so you're not saving anything, that doesn't help out at all," said Rob Smith of Littleton.