Gas prices drop 1 cent

STAFF REPORTS

DENVER -- Colorado's statewide average price for regular, self-serve gasoline dropped by a penny last week to $2.23 per gallon, according to Colorado AAA's weekly survey. A month ago, Colorado's average was 1 cent lower at $2.22 per gallon; a year ago, it was 37 cents lower.

In Greeley, the price dropped 2 cents per gallon to $2.19 per gallon. In the survey, three cities listed price increases in the past week while five reported decreases.

In metro Denver, the average price also dropped 1 cent to $2.17 cents per gallon. Glenwood Springs reported the highest decrease at 3 cents. Colorado Springs and Greeley both reported a price decline of 2 cents. Fort Collins and Vail reported price declines of less than 1 cent while Durango, Pueblo and Grand Junction reported small price increases of about a cent.

As of Wednesday, the price of crude oil dropped below $49 per barrel in futures trading.

If the oil price remains below the psychologically important level of $50 per barrel, consumers could see retail gasoline prices drop by as much as 10 cents per gallon as the Memorial Day holiday weekend approaches.