Gas Is Around $4 In Colorado Again. Why The Huge Jump?
Colorado went from gas prices dropping below $2 a gallon in some places to jumping back up to around $4 or higher in some places in less than a month. What's the reason?
Why Is Gas So High Again In Colorado?
Remember when we had decent gas prices like in the pic above? For the most part, gas prices in 2022 were out of control. Colorado reached highs we'd never seen and it was certainly taking its toll on many folks around not just Colorado, but the entire country. The domino effect of high fuel costs seemed to make everything more expensive in 2022, it got out of control pretty quickly. Towards the end of 2022, we finally got some relief at the pumps, as I wrote about here finding gas under $2 just about a month ago. We've doubled in fuel prices since then, leaving Coloradoans wondering just what the heck is going on. Here's what we know.
What Made Gas Prices Jump In Colorado In 2023?
They're blaming the hike in egg prices on supply issues, and that's the same story with fuel in Colorado. Back in late December, Suncor Energy released an update regarding its Commerce City, Colorado, refinery. Due to the extreme cold that we had in Colorado in December, they experienced some severe equipment damage. In a statement from Suncor, they said:
Consistent with our operational excellence and safe operating practice, on December 24th it was determined that the entire facility would be shut down and put into safe mode to allow for the inspection of all units and repair of the damaged equipment. The inspection and repair of the damaged equipment is ongoing. Based on our current assessment we anticipate a progressive restart of the facility with a return to full operations expected to be completed by late Q1 2023.
Colorado Governor Jared Polis did authorize emergency action after the refinery shut down to help them get back up and rolling by March, worst case early April. With it only being January, and prices already hovering around $4 a gallon, you can't help but wonder how much worse it's going to get before it hopefully starts to get better. Here's hoping for some quick relief around our great state.