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Gas prices are falling fast in Colorado as the cold winter months hit

A motorist fills up the tank of a vehicle at a Costco gasoline station on Thursday, Nov. 30, 2023, in Thornton. (AP Photo/David Zalubowski)

Colorado’s gas prices are dropping fast.

Gas prices have been falling across the U.S. for several months, but they’re falling especially fast in Colorado, according to AAA. The price in Colorado stood at $2.84 per gallon as of Monday, down from $2.95 a week ago. A month ago, a gallon of gas in Colorado cost $3.32.

The state’s gas prices are mostly in line with prices in neighboring states like Nebraska and Utah, according to AAA data. Oklahoma and Texas, meanwhile, have some of the lowest prices in the country.

It’s typical for gas prices to fall when the weather gets cold, according to Skyler McKinley, a spokesperson for AAA in Colorado.

“When we enter the fall and winter months, demand tends to plummet. We go to bed earlier, we stay inside because it’s cold out. We’re not planning big road trips,” McKinley said.

The drop is more dramatic this year, he said. It’s not clear exactly why that is. It could be that people are cutting back even more because of global concerns about an economic slowdown, McKinley said. Gas prices are also tied to geopolitical tensions such as military conflicts in the Middle East and Ukraine.

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