Colorado Gas Prices Approach Record Highs Of 2008

COLORADO — In some places across the state, gas prices are higher than they were in 2008, the previous record at the gas pump. The state average, at $4.055, has jumped closer to the previous record high of $4.093, which was recorded on July 17, 2008.

That current state average represents a small jump compared to last week's average of $4.027 and last month's average of $3.958. But prices are up more than a dollar compared to last year's state average of $3.011.

This statewide increase comes amid an enormous national rise in gas prices, according to AAA. The national average, as of Monday, was $4.32, one cent below the previous record high, which was set on March 11.

This increase, according to AAA, can largely be attributed to a rising cost of crude oil, which is now closing in on $110 per barrel. Demand for gas has also increased slightly, and it is that combination of rising costs and rising demand that has led to this increase in prices across the country, an increase that will likely continue as long as oil remains above $105 per barrel.