Denver gas prices dip below $3 per gallon for first time in months

Denver motorists who this week will be packing up the family to drive to grandma’s house for Thanksgiving will have one more thing to be thankful for: plunging gas prices.

Denver gas prices continued their freefall last week and have now dipped below $3 per gallon for the first time since early January.

The average price for a gallon of gasoline in Denver on Monday sat at $2.95, according to a GasBuddy.com survey of 844 stations in Denver. The price is 14 cents cheaper than last week and 61.2 cents less than it was a month ago.

“As millions of Americans gear up to hit the road for Thanksgiving, the national average is seeing its longest streak of declines in over a year, reaching a ninth straight week as gas prices fall to their lowest since January,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a news release.

Denver last saw prices below $3 per gallon 316 days ago on Jan. 8 when the average gallon was $2.97, according to GasBuddy.com data.

The gas price website says 65,000 stations across the country are now charging $2.99 per gallon or lower and 11 states have average prices below $3. Colorado’s average price for a gallon is $3.08 as of Monday, according to GasBuddy.com.

“In addition, we could see five more states join the sub-$3 club by Thanksgiving,” De Haan said.

De Haan said the falling prices are mostly the result of people driving less this time of year, which weakens demand. He said prices could continue to fall for another week or two, which could mean by Christmas we’ll experience the lowest prices we’ve seen since 2021.

The national average for a gallon of gas on Monday sat at $3.27, according to a GasBuddy survey of 150,000 stations.

In Denver, the cheapest gas station was selling gas for $2.21 on Sunday, according to GasBuddy.