Gas prices inch up locally, edge down nationally

April 16, 2012

So, want the good news or the bad news first?

The good news: Gas prices nationally actually fell last week, though not by much: The average price of a gallon of regular unregular dipped 2 cents to $3.907 in the past week, according to AAA’s Daily Fuel Gauge Report.

The bad news: Local prices prices are still edging up; the average Monday was $3.848, up from $3.814 a week ago and $3.530 a month ago.

Local gas prices had been well below the national average earlier this year, but the gap has been closing. Meanwhile, the local record of $3.983, set in July 2008, is in sight.

“The only thing I remain sure of with gasoline prices is that things will remain quite volatile the next four to six weeks,” senior petroleum analyst Patrick DeHaan told The Denver Post. “Spot prices, a leading factor in retail gasoline prices, continue to swing wildly from region to region.”

Oil fell to near $102 a barrel Monday after negotiators said meetings over Iran’s nuclear program last weekend began on a positive note, easing tensions that had sent crude prices higher. The price hit $110 last month, but has been retreating amid signs global crude supplies are outstripping demand. Rising crude output by Saudi Arabia, the world’s largest producer, slowing Chinese economic growth and weak demand in developing countries “all continue to lean in favor of lower prices,” energy trader and analyst Ritterbusch and Associates said in a report.

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