DENVER (AP) – Gas prices in Denver are tumbling, a trend expected to continue with the arrival of autumn and winter blend fuel, officials for fuel price website GasBuddy.com said Monday.
Metro Denver pump prices dropped by an average of 7.9 cents per gallon to $2.59 per gallon, as of GasBuddy’s Sunday benchmark.
Across Colorado, prices fell 7 cents to $2.63 per gallon.
All but one state – Ohio – recorded declines, helping to push the national average down 6.7 cents to $2.33 per gallon.
“With the start of fall, gasoline prices have continued a fall of their own,” Patrick DeHaan, GasBuddy senior petroleum analyst, said in a statement. “Crude oil prices fell some $2 per barrel last week, and there continues to be downward pressure on oil prices, which in turn will continue to weigh on the nation’s average gasoline price.
“The long-mentioned switch back to simpler-to-produce winter gasoline will take effect Thursday, as EPA discontinues seasonal requirements across areas of the U.S. effective Sept. 16.”
Separately on Monday, OPEC cut its oil production forecasts for the United States and other nonmember states of the cartel.
The group said Monday it had lowered its forecast for daily oil supply growth this year from nonmember states by 72,000 barrels a day to 880,000 because of lower-than-expected output in the U.S. For next year, it trimmed its forecast by 110,000 barrels to 160,000.
The cartel also increased its forecast for global demand growth this year by around 84,000 barrels a day to 1.46 million, and by 50,000 barrels to 1.29 million for next year.
The price of oil has fallen this year amid strong supply and weaker demand from energy-hungry economies like China.
The U.S. benchmark for oil fell 14 cents to $44.49 a barrel on Monday.
The Associated Press contributed to this report.
