Gas prices surging in CT, across the nation. How bad could it get?

Consumer

(WTNH) — Filling your gas tank shouldn’t require taking out a small loan. Should it? Of course not, but it’s starting to feel that way.

Right now, the average price of gas in Connecticut is $3.54 a gallon. Your eyes aren’t deceiving you. You might be thinking, wasn’t it $3.29 a month ago? And around $3.13 a year ago? Right on both counts.

According to AAA, prices are at a seven-year high.

So, how bad can it get? $4? Maybe. $5?

RELATED: U.S. consumer prices soared 6.2% in past year, most since 1990

“I’m not sure I can predict where the ceiling is,” said President of the Connecticut Energy Marketers Association Chris Herb. “I can tell you that the trend is moving towards all-time record high prices.”

When asked if that means $5, Herb said anything is possible. There are several reasons why.

After becoming energy independent as a country, the United States is back to being reliant on foreign crude oil.

“Gasoline prices were reasonable. They were lower than they have been in years,” Herb explained. “And suddenly, with a very small change in energy policy that ended up being a sizeable change from a price standpoint, we are now again reliant on countries that are not favorable to us. They’re not favorable to our way of life. Now, people are going to pay the price for that.”

Herb said pre-pandemic, the price of a barrel of crude oil was in the $50 to $60 range. Now, he said, we are over $80 and racing well beyond.

Paying for the price now, and even more so as we drive to friends and loved ones for Thanksgiving. 50 million people are expected to hit the roads, a 13% increase from last year.

It’s a simple case of supply and demand.

U.S. Senator Blumenthal is set to address this issue at a news conference in Hartford Friday. His plan is to urge the Biden administration to ease pain at the pumps by swiftly lowering gas prices.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss