Just when we all thought we’d see pre-Harvey gas prices again… this happens. Hopefully we’ll see them again. But, for now, the pain at the pump has returned with a vengeance.
Darien Times reports that, nationwide, prices went up by about 5 cents in the past week. In Connecticut, the average price jumped by a penny. So, that said, it could be worse. It could have been a lot worse. So, we’ll take our blessings while we can.
Around this time last year, we enjoyed prices about 17 cents cheaper. We’ll hopefully enjoy prices like that around the holidays next year. Or, at least, the year after that. As long as “eventually” is in there.
For this week, the state average climbed to $2.64. However, prices vary depending on where you live in Connecticut.
For example, Fairfield County’s average is $2.71 while Hartford’s is $2.63.
As for what drove up the price increase, it boils down to several factors. Most importantly, travel for the holidays increased demand so prices adjusted accordingly. Not to mention, this holiday weekend turned out to be one of the largest in history. A record number of travelers hit the road this holiday.
But, the cold weather also played a key factor in increased gas prices. That’s because colder weather drives up demand for natural gas and oil. Connecticut’s ridiculous cold snap definitely played a role in driving up demand.
So the major increase in holiday travel in conjunction with cold weather created the perfect storm for pricing. But, there is a silver lining somewhere in this equation.
Given that the major travel holidays wrapped up, prices shouldn’t spike so rapidly in the future. Then again, no one can ever be sure of that. Prices are pretty capricious as of late.
What’s your prediction? Will gas prices sink to pre-Harvey levels or will they continue to go up?