DENVER — Commuters are feeling pain at the pump in Colorado after prices jumped 38 cents in one week to a high of $3.75 per gallon, according to AAA. Nationally, the spike was even larger, jumping 45 cents to $4.06 per gallon.
"I drive around for work all the time. So it's starting to definitely impact," said Mimi Wong, a commuter in Denver. "It's not good. So they have got to do something about it for sure. But meantime, you just got to keep going."
Economists say the prices will likely stay high as conflicts erupt in Ukraine and the United States mulls a potential ban on Russian oil imports. The economic pain is not just for the drivers behind the wheel. Airlines, online retailers and restaurants are getting hit as well.
"I gotta go from one place to another and end up spending a lot of gas just trying to drive to places, and it adds up," said Luke Mauer, a delivery driver for Cosmo’s Pizza. "If gas prices go higher, it's gonna be a real issue."
The key, according to some economists, is expanding drilling for oil and gas here in the United States.
"Fortunately, we have plenty of energy resources in this country, we just have to access it," said Sanjai Bhagat, a professor of finance at CU Boulder. "The international oil price being high does give the incentive to some of the oil producers both in Colorado and nationally."
However, as the price of gas remains high, some consumers say they are over the drain at the pump.
"I have got a 25 gallon tank, so it's gonna be pretty expensive," said Wong. "I am thinking maybe I should get an electric car here soon!"
To find the cheapest gasoline in your neighborhood, you can visit GasBuddy.com.
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