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COLORADO, USA — The average price of a gallon of diesel fuel is the highest ever recorded in Colorado, according to AAA.
A gallon of diesel now costs $5.277 in Colorado as of Tuesday. One year ago, a gallon of diesel cost $3.114 on average in Colorado and one month ago it cost $4.890.
The average price of a gallon of regular unleaded currently sits at $4.032 as of Tuesday, just shy of the all-time high in Colorado of $4.093 on July 17, 2008, according to AAA.
One year ago, the price of unleaded in Colorado was $2.976. Nationally, the price of unleaded is $4.204 as of Tuesday.
> Where to find the cheapest gas in Denver.
"Gasoline prices have continued their rally in the last week with oil prices sustaining higher levels, but the real story has been diesel fuel, which has skyrocketed to its highest level ever seen," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Diesel is now $1 per gallon or more in many areas compared to gasoline."
According to AAA, fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude continues to remain around $100.
"As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump," said AAA spokesman Andrew Gross. "It now costs drivers in the U.S. about $23 more to fill up than a year ago."
"The meteoric rise in diesel prices is likely to continue for the first half of the week at least, while gasoline prices could continue to see a slow but steady rise," said De Haan. "For now, the rising cost of diesel will surely be felt in the grocery store, hardware store or on your next flight as jet fuel prices accelerate, leading to a continued rise in inflation likely to ripple across the economy."
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