Did you also have a moment where you sounded like a confused Scooby Doo after looking at gas prices? Yeah, I drove home to see a gallon selling for $2.69. Woke up the next morning to see the price jump to $2.74… and now it’s $2.87 a gallon.
Unfortunately, this isn’t the end of it.
Norwalk Daily Voice that prices jumped to their highest level since 2015. However, things stand to rise even further this summer and cause real pain at the pump. As in, yes, prices well over $3 a gallon.
Apparently, demand is at an all-time high. Apparently this month recorded the highest demand in history, at 9.857 million b/d. Well… whatever that means. Wonder why everyone needs so much darn gas.
Whatever the reason, it drove prices beyond what analysts expected. Apparently, April’s overall demand eclipsed average summer demand, too. So, that’s what caused gas prices to take off like a rocket ship.
Gas prices in CT jumped by 10 cents, as well as in New Jersey. New York saw gas prices jump by 7 cents. With that said, our new state average for a gallon of regular soared to $2.78. Ugh.
But why are these prices seemingly spiraling out of control?
AAA Oklahoma spokesperson Leslie Gamble explained:
“Compared to the first few weeks of January last year, consumer gasoline demand is noticeably higher, which is surprising given the frigid winter much of the country has experienced this month. But demand isn’t the only factor driving prices up. Crude oil has been selling at very expensive rates the past few months. Those higher market prices are now trickling over to consumers at the pump.”
Apparently gas prices hit over $3 a gallon in 13 percent of the nation’s gas stations. Some states may actually hit $4 a gallon by Memorial Day should this alarming trend continue.
In addition, the price of a barrel of crude oil also went up this week. Plus, refineries switching over from their winter blend to their more eco-friendly, expensive, summer blend won’t end until June 1st.
Lastly, renewed tensions in the Middle East also caused prices to reach new highs.
So, basically, the starts have aligned and they spell out doom for our wallets. Gas prices will most definitely hit $3 in the state, with some analysts already predicting we could see up to $4.
Hopefully that won’t be the case. But we just don’t know until we finally see that price tag staring us in the face.
Why do you think gas prices jumped 10 cents in a week? Is it corporate greed or are there just too many factors working against keeping the price reasonable?