(Image source from: Denver gas prices to remain low and steady in summer})

Huraah Denver! Gas prices in the city dipped by $3.57 last week and should remain so all through the summer, quipped petroleum analyst Patrick DeHaan.

"Denver tends to be under the national average a good majority of the time. I would expect that for a good part of the summer," said DeHaan, senior petroleum analyst for GasBuddy.com.

"Of course, if there is a refinery kink in Wyoming or Utah, that is going to have more of an impact on you more than anybody else."

DeHaan also warns that gas prices could soar to $3.70-$3.75 in June and then reduce to $3.65 or $3.60 for the months of July and August. Prices should further decline by September, he hoped.

However, cheaper Canadian crude, which was hitherto shipped to Denver via pipeline, could get more expensive now. That is because Canadian crude is being shipped to East and West coast via rail and the demand is enormous too.

"Keep in mind that your prices are going to be heavily influenced by the price of Canadian crude," said DeHaan.

"As more and more rail companies are shipping crude, Canadian oil has risen more substantially than West Texas Intermediate. That is going to factor why your prices may be higher now as well."

DeHaan also observed that oil prices could impact on gas prices. Two weeks back, oil prices were $105 per barrel. It has now come down to $99.

"That took a lot of steam out of upward trend in gasoline prices," DeHaan said. "Oil prices will likely pick back up a little bit."

Problems at oil refineries could adversely influence the gasoline prices in the coming weeks as well.

"There have been some reports there has been more activity than normal in regards to refineries flaring or having unexpected issues arising from their maintenance," said DeHaan said.

"That tends to weigh on the market. And if you have a few more issues that will tend to push gasoline prices higher even as oil prices hold steady."

AW: Suchorita Choudhury