Connecticut Gas Prices Continue to Rise, When Will It Stop
If you drive, then you've probably noticed you're paying a lot more at the pump to fill up your tank.
Gas prices are heading up, you see the difference every other day. What used to cost you $30 or $40 dollars to fill up your tank less than a year ago, now cost you almost double that.
According to fox61.com, most people are finding it very difficult to keep their tanks full, or even close to full because of the higher prices.
If we go back just a year and make a comparison, AAA reports that prices at this time in October of 2020 were $2.18 a gallon. Fast forward to today, and the average price of gas in Connecticut is at $3.31 a gallon, and prices are expected to stay in that range, or higher right through Thanksgiving. Of course, as you would expect, the gas prices in Fairfield County happens to be the highest in the state.
So just what is the reason for this drastic price increase? Well for one thing, now that more people are heading out after the long pandemic lockdown, there are more cars on the road, so now demand has exceeded supply. Then if you couple that with the supply chain moving very slowly due to the labor shortage, and the increase in oil prices, you've got yourself a perfect storm so to speak, and gas prices shooting up faster then the lastest Space X rocket launch.
Economic experts are predicting that the prices at the pump could continue to rise in the coming weeks, which is somewhat out of the ordinary since gas prices usually start to drop off a bit at the end of the summer driving season.
Right now, we are at a seven year high in Connecticut, but AAA is also reporting that rising fuel prices are a worldwide problem which is blamed on the spike in the cost of a barrel of oil. On Friday, oil closed at almost $80 dollars a barrel, compare that to a price of just $40 dollars a barrel a year ago.
Now we all know we can't drive without the gas, so what are you suppose to do? Experts say the best recourse you have at this time is to shop around and try and scout out a station that prices are more reasonable.
Here's a link to the AAA's gas calculator, which could also be helpful in saving you some money on fuel costs. Just click HERE to start calculating.
LOOK: See how much gasoline cost the year you started driving
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