MERIDEN, Conn. — As gas prices have steadily crept up in Connecticut for the past several months, one of the factors has been the highest crude oil prices in seven years. The experts say there is likely hope on the horizon.
For many, the pain at the pump is palpable.
"It’s getting crazy," said one West Haven woman filling up.
Until OPEC is able to cut a deal to get more crude oil into the worldwide market, we will continue paying more.
"That is the reason why at least for now gas prices have headed up to the highest level since 2014," said Patrick De Haan of Gas Buddy. "This should not be the new norm."
Federal energy policy is also a factor, according to an agency whose focus is Connecticut's petroleum industry.
"The President canceling the XL pipeline that is sending signals to Wall Street and the traders and the commodity markets that there is going to be less fuel around in the future," said Chris Herb, President of the Connecticut Energy Marketers Association.
AAA estimates gas prices will increase $.15-$.20 per gallon by the end of the summer.
"$3.18 a gallon," said Craig from West Haven, while shaking his head. "Come on. Last year it was $2.00!"
Last year, Americans largely parked their cars.
"Gasoline demand plummeted 60% at the onset of the pandemic back in April and May and of course with the drop in demand, prices plummeted," said De Haan.
The average price per gallon on January 1, here in Connecticut, was $2.27. The average now is $3.13 per gallon.
"There’s nothing I can do unfortunately because of my job," said Gabrielle Argentina of Bridgeport. "I travel a lot and I get gas at least twice, three times a week."
She only uses premium gas, which cost her over $4 per gallon last week.
"We actually had a decrease (in fuel cost) last night for the first time in a real long time," said Kevin Curry, the owner of Meriden-based Teddy's Stores. Most of his 19 stores are convenience store-gas station combinations, where high gas prices are impacting other purchases.
"What’s left over to buy a cup of coffee, to buy a candy bar, if the kid wants a treat when they come in," said Curry, noting that those additional purchases aren't happening as often.
The experts believe sometime this fall we should see a stabilization in gas prices. Then it should be back into a more normal flow in 2022.
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