Denver gas price are now almost a dollar less than they were a year ago

Howard Pankratz --- The Denver Post 

A gallon of gasoline in Denver on Monday was 89 cents a gallon cheaper than a year ago, averaging $2.18

The average retail gasoline price in Colorado on Monday was also $2.18.

This compares with the national average that has fallen 9.6 cents a gallon in the last week to $2.28, according to GasBuddy.com.

Patrick DeHaan, senior petroleum analyst for GasBuddy, said the dramatic decline in prices at the pump "continues to reap significant savings for the motoring public - over $525 million less spent every day versus this summer, or $375 million less than the same time a year ago.

"The slump in crude oil has wavered slightly and we're in the fourth quarter of the game. However, there is still a chance that crude prices resume their slump again, and carry the pump plunge into overtime," said DeHaan.

Alexandra Hall, chief economist for the Colorado Department of Labor and Employment, said last week that there is a bright side to the low fuel prices.

She said that while declining oil prices are bad news for oil exploration in Colorado, every other industry and consumers will benefit from lower energy costs.

Hall said that many industries will see a double benefit because their costs of doing business will decline and consumers will have more disposable income to buy goods and services.

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