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Drivers search for savings as Denver metro gas prices jump 60 cents in a day

Gas prices expected to continue rising in short term due to geopolitical volatility in Middle East and decreasing refinery capacity
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Drivers search for savings as Denver metro gas prices jump 60 cents in a day
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Multiple gas stations sat empty Tuesday as prices across the Denver metro area jumped more than 60 cents in 24 hours.

And it's not done spiking, as gas prices are expected to continue rising in the short term due to geopolitical volatility in the Middle East and declining U.S. refinery capacity.

Right now, the average cost for a gallon of regular gas in Colorado is $4.13, up from $3.99 on Monday.

▶️ WATCH: Denver7's Adria Iraheta reports on climbing gas prices

Drivers search for savings as Denver metro gas prices jump 60 cents in a day

In Arapahoe County, gas prices are averaging $4.16 a gallon, according to AAA.

On Havana Street in Aurora, multiple stations’ prices hovered around $4.29 a gallon.

The high prices are likely why lines at a Costco gas station up the street were so long, as drivers like Yuki Llanes drove around looking for the best deals.

He ended up filling up at the Safeway gas station on Havana and Mexico, where a gallon of regular gas was $3.99.

"Spent about 15 minutes, passed this gas station, ended up at the Murphy to find out it was more expensive than this one," Llanes said.

Grier Bailey, the executive director of the Colorado Wyoming Fuel Marketers, explained the factors behind the price hikes. He said those factors include the war in Iran, a switch to summer blend gas, and refinery closures in California.

"There are a lot of headwinds unfortunately for Colorado families," Bailey said.

"I think that the government should look at the amount of commodities speculation, which is not market based, has on the market, and what people are actually paying and who’s actually benefiting from that.”

For now, drivers are finding ways to save what they can. Driver Randy Seick noted that the last time he filled up, he paid $3.69 at the pump.

"So it's gone up," he said.

Seick is now adjusting how he pays for gas.

"I get $10 and go that way til the prices drop and then I’ll get more," Seick said.

"You do have to put 50-60 bucks away out of every single paycheck just for transportation," Llanes added.

Experts like Bailey say drivers should make use of rewards programs or pay with cash to avoid credit card fees.

“There’s no real benefit to retailers to increase prices. We’re just passing on the wholesale regulatory cost increases,” said Bailey. “The only people who really make more money off retail gas are credit card companies, right, because they’re making a percentage of the transactions.”

As drivers hope for some relief, the sentiment at the pump is clear.

"Let's get the prices down," Seick said.

This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

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Denver7’s Adria Iraheta shares stories that have an impact in all of Colorado’s communities, but specializes in reporting on education and stories in Arapahoe County. If you’d like to get in touch with Adria, fill out the form below to send her an email.