Oh, you thought we’d see those lovely low gas prices again? Well, sorry to break it to you but we’ll never see gas at $2.25 a gallon. Ever. This recent spike is proof enough.
Stratford Star reports that gas prices never returned to normal after Texas began recovering from Hurricane Harvey. Even though that was kinda promised to us a few months ago?
In fact, they went up again just as we started to see them fall! Prices went up by about $.02 around the state.
Nationally, they jumped about 9 cents over the past two weeks. And we’re nowhere near the major travel holidays yet so you can only guess how bad they’ll be by then. Fill up now while you can, seriously.
So, our state average is $2.72 right about now, with a promise to jump again just in time for Thanksgiving. You know; that whole supply and demand nonsense? Still, the price managed to just hover 1 cent below last month’s record high price. So, there’s that to keep us warm at night.
Obviously, Fairfield County remains the sole reason why our state average remains at a record high, with their county-wide average coming in at $2.79. Meanwhile, the rest of the state deals with prices that are about 9 cents cheaper at most.
On a national level, the average is $2.56, which jumped by $.03 cents since last week. Mississippi and Alabama enjoy the lowest gas prices of all, with an average of $2.26. I know, we so sorely miss those prices when they were here not too long ago.
We took those prices for granted, truly believing they’d fall even further. Oh, how wrong and naive we were.
Anyways, the big question is: why are gas prices going up now? Before, we all believed in the promise that prices would steadily go back to normal after states began Hurrican Harvey cleanup. Then again, I doubt we truly believed that would actually happen. Once the price is there… it’s there for good. Connecticut did a great job of teaching us that.
So, as for what triggered this inflated price? We have three possible answers.
Experts say the US increased its oil production, which further damaged OPEC’s ability to bring balance to its market.
However, tensions in the Middle East remain the favorite excuse by oil executives, namely the explosion at a Bahrain pipeline last week. In addition, industry experts say the earthquake on the Irani-Iraqi border, which killed 348 people, also made markets jittery.
Either way, we all know the Hurricane Harvey excuse was just that… an excuse. Oil conglomerates loved it when they reaped record prices when the average price of a gallon of gas was well over $3. Now that prices sank, they needed a reason to gouge us again, and Harvey was too perfect of an excuse to get the ball rolling again.
Well, that’s just the curmudgeonly and jaded millennial in me speaking. But, I think she has a valid point. The gas companies enjoyed jacking up the price of gas for many years and I bet they want to roll in the dough again. It’s not like we commuters have a true alternative to gas yet, but Tesla is working on it!
But, I doubt that’s what our economy needs right now considering that we’re devastatingly close to another recession.
So, do you think we’ll see prices dip below $2 ever again, or will prices continue to flirt with the $3 mark? Will they go beyond $4?
Who or what do you think is behind the gas prices going up, anyway?