MILFORD, Conn. (WTNH) – Americans are making more trips to the gas pumps and that’s because prices are continuing to soar.
Filling up the tank is pretty much the same no matter where you go. Residents are spending a lot of money at the pumps, which barely gets drivers through the week.
The average price of gas is $3.55 a gallon for regular gas and that’s up 15 cents over the past week.
“In fact, prices today are as high as they were in 2014,” said Fran Mayko, AAA Northeast Spokesperson.
AAA spokesperson Fran Mayko says crude oil is blamed for digging that hole in your pocket. It’s up $92 a barrel. Recent conflicts on the world stage between Russia and Ukraine are also impacting prices.
“Russia is a major exporter of oil, of crude. Thankfully, we are not dependent upon it. However, the rest of the world is,” Mayko said.
America is part of the global economy, which means Connecticut will feel the pinch. Financial experts see this as supply and demand.
“Manufacturers are back to work much more so than we were a year ago. Trucking and freight cost last year was up over 25%, so it’s all feeding into attack the consumer’s wallet,” said Leah Hartman, Finance Department Chair at the University of New Haven.
It could lead to tough financial conversations for the family. Consumers also need to know when the spike in prices will end.
There is no word yet when prices are expected to go down, but AAA is advising that people make sure they maintain their cars and slow down in order to save money.