With Christmas just around the corner, Northern Colorado motorists have something to celebrate: the gift of low gas prices. This year, the national average for gasoline is expected to drop to $2.95 per gallon on Christmas Day—the lowest holiday price since 2020, according to GasBuddy, a leading fuel savings platform.
After years of soaring prices driven by global economic challenges, a combination of factors has finally brought relief to American drivers. Slower economic growth, higher interest rates from the Federal Reserve, and reduced demand from major oil consumers like China have contributed to a steady decline in fuel prices.
“This holiday season is shaping up to be a gift for American drivers,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “After an exhausting two years of imbalances caused by Covid and geopolitical tensions, we’re finally seeing gas prices return to normal. Whether you’re visiting family in the mountains or heading across state lines, your wallet will feel a bit heavier.”
Why Gas Prices Are Falling
The return to more “normal” fuel prices marks the end of several years of economic instability, which saw inflation and borrowing costs skyrocket. With global demand easing and oil markets stabilizing, drivers in Northern Colorado and across the country can breathe a sigh of relief.
Tips for Holiday Travelers
For those planning road trips over the holidays, GasBuddy recommends checking prices before hitting the road—especially when crossing state lines. Gas taxes can vary significantly, and tools like the GasBuddy app can help travelers find the cheapest fuel nearby.
Looking Ahead to 2025
GasBuddy is set to release its 2025 Fuel Outlook later this month, offering insights into trends that could impact drivers’ wallets in the year ahead.
As of now, Northern Colorado residents can enjoy this welcome relief, making holiday travels more affordable and leaving a little extra in their budgets for last-minute gifts.
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