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Colorado's average gas price drops under $4

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Robert Davis

(The Center Square) – Colorado’s average gas price dropped below $4 per gallon on Monday, according to new data from AAA. 

The average price for a gallon of regular gasoline fell by 18 cents over the last week to $3.99. Meanwhile, the price for mid-grade and premium both fell to $4.35 and $4.67, respectively, while diesel prices declined to $4.89 per gallon. 

The average price for a gallon of regular gasoline nationally is $3.95, a decrease of 10 cents over the last week, AAA data shows. 

“Falling pump prices may eventually lead to more drivers hitting the road again,” Andrew Gross, a spokesperson for AAA, said in a statement. “But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits.”

According to a survey conducted by AAA at the end of July, more than 67 percent of respondents said they have changed their driving habits because of high gas prices. The top changes that drivers have made include driving less and combining errands, the survey found. 

Data from the Energy Information Administration shows gas demand increased over the last week from 8.54 million barrels per day to 9.12 million barrels per day. At the same time, total domestic gasoline stocks decreased by more than five million barrels to 220.3 million barrels. 

“Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices,” Gross said. “If oil prices edge lower, drivers will likely see falling pump prices.”