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As the temperatures plummeted in Texas last week knocking refineries out of commission, gasoline prices jumped in Colorado and other states.
The average price increase in Colorado was 7 cents, AAA said Monday. Nationwide, the price surged an average of 13 cents to $2.63, the highest since October 2019.
The average price in the Denver area was $2.47 per gallon Monday, compared with $2.41 a week ago. A month ago, the average price was $2.28 per gallon and $2.34 a year ago at this time.
“When you get right down to it, last week was the equivalent of a hurricane event,” Skyler McKinley, regional director of public affairs for AAA, said in a statement.
The winter storm and frigid temperatures that left millions of Texans without power also bumped about 40% of U.S. crude production offline because refineries were shut down, according to AAA. Refinery outages were reported in Texas, Louisiana, Oklahoma, Arkansas, Tennessee, and Kansas last week.
“Luckily, most of the nearly two dozen impacted refiners should be able to restart operations this week, if they haven’t already,” McKinley said.
However, AAA said that gas prices will be volatile until crude production returns to normal levels. Prices will likely remain higher as demand rises amid the continued COVID-19 vaccine rollout. But large spikes should subside until the summer months.
Average gas prices in other parts of the state are: Fort Collins-Loveland, $2.44; Greeley, $2.48; Colorado Springs, $2.49; Grand Junction, $2.50; Boulder-Longmont, $2.51; Pueblo, $2.54; Durango, $2.59; Glenwood Springs, $2.70; and Vail, $2.90;