Connecticut and New York See Highest Gas Prices Since 2014, Here’s Why

You may have noticed that the price of gas is pretty high these days, actually the highest it's been since 2014.

Now we have seen a slight drop in prices over the last month or so here in Connecticut, but the national average rose on Monday, (February 7), and has now reached a new high of $3.44 a gallon, which is up 14 cents in the last month, and almost a dollar more than a year ago.

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So what's the issue, and why are we still paying more at the pump now then we have in the last 7 years?

There are several factors in the mix, and most are being fueled by overseas speculation. According to the Ameican Automobile Association, (AAA), things are shaping up to get even worse in the next month or so.

The cold weather that has affected a good part of the country is playing a factor as many areas are seeing a higher demand for heating oil, but even more so the spike in prices is being fueled by fears that Russia might put a hold on crude oil in response to possible sanctions that might be put in place if there's an invasion into Ukraine. That fear alone sent the price of oil above $90 dollars a barrel, which is a $30 dollar increase since August of 2021.

Andrew Gross is a spokesperson for AAA and he agreed that global events can have a very noticeable impact on prices right here in the U.S. and it's always you and I that are effected the most by higher prices at the pump.

In this list from AAA, you can see that here in Connecticut and in New York we're really not as bad off as some parts of the country where gas prices continue to escalate.

This week alone we're seeing the highest weekly increases in states like Michigan that is up 15 cents, Ohio which is up 14 cents, and Florida up some 12 cents.

Connecticut is not even one of the top expensive markets in the U.S. The most expensive place to get gas these days is in California where the price tops $4.68 a gallon, Hawaii at $4.40 a gallon, and Washington state at $3.95 a gallon.

So how bad could things get? Some analysts believe that we could see the national average of gas prices rise to around $4.00 a gallon by Memorial Day if all the above factors continue to play a role in the price of oil. If there is any hope for lower prices, these same experts say we may have to wait until mid or late summer to finally get some relief.