By Tori Mason

DENVER (CBS4) – The average price of gas in Colorado increased 78 cents in just the past month. AAA reports the current average in Colorado is almost $4.92 per gallon. It’s a record-breaking high.

“When we look at what’s causing these high prices, we’ve got a lot of structural problems related to supply and then we’ve also got high demand,” said Skyler McKinley, AAA Regional Director of Public Affairs.

(credit: CBS)

According to the cheapest gas in the Denver metro area right now is $4.56 per gallon.

“You have a ton of pent up demand from years of the pandemic. Folks finally believing it’s now safe to travel,” said McKinley. “Despite paying $5 a gallon, and many drivers saying they we’re going to change behavior, they’re not. They’re still taking road trips. They’re still getting on airplanes and cruise ships.”

President Joe Biden told reporters Monday that he’s still considering a pause on the federal gas. This could save Americans about 18 cents per gallon. He also said a gas rebate card for Americans is still a possibility.

The president expects to have a decision by the end of the week.

“A gas holiday might give some relief, but again, Colorado prices in the past month have jumped almost 80 cents,” said McKinley.

A temporary pause in the federal gas tax could have a negative impact on the infrastructure funding allocated to fixing roads across the country. McKinley says summer gas prices are always higher – but a sudden drop at the pump doesn’t mean inflation is in the rear view.

“If demand drops off, we think prices will fall. If demand drops off, it’s signaling that we might be entering into recession territory, which is never a good thing,” said McKinley.

Tori Mason