According to the American Automobile Association (AAA), the national average gas price per gallon across the United States steadily decreased on Monday, November 7th, reaching $3.804, a decrease from the $3.891 average around the same time a month ago. Although it is an increase from $3.800 on Sunday, November 6th, and $3.762 on Monday, October 31st. This current price fluctuation comes after gas prices increased again in October after the members of Organization of the Petroleum Exporting Countries Plus (OPEC+) led by Saudi Arabia, announced they would be cutting oil production by 2 million barrels per day. Colorado, unlike much of the west coast, fortunately has gas prices lower than the national average as it continuously decreases.
As of Monday, November 7, the average price for gas in the state is at $3.506, lower than the $3.542 average a week prior and the $3.767 around the same time in October. However, prices do fluctuate depending on the county of residence. Residents of Hinsdale County had an average price of $4.599 per gallon while those in Washington County had an average price of $3.722, and those of Arapahoe County had an average of $3.318. Where gas prices go from here will depend on a number of things. Prices could potentially increase again with the upcoming uptick in travel for holiday festivities as well as global supply concerns over oil production cuts.
But on the flip side it could also decline with reports of new COVID restrictions in China despite recent market speculations of easing. According to AAA spokesperson, Andrew Gross: “More expensive oil usually leads to more expensive gasoline, but the recent Covid-related news from China may stem this increase.” There is also, unfortunately, the growing concerns of a global recession. According to Gross in another AAA news report: “Global recession fears coupled with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December has helped temper oil prices, this will help take the pressure off pump prices, benefitting drivers and their wallets.”