You can't say your not feeling the pain at the pump. Just this week gas prices in Connecticut are either close to, or already at $4 dollars a gallon.

If your like me, you kind of take a quick look at gas prices as you pass gas stations while your driving. If you do that then you may have noticed a slight drop in the average gallon of gas over the last few weeks. Now this week prices are heading up again, this time they are skyrocketing and at some stations are now over $4 dollars a gallon for premium.

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According to businessinsider.com, the latest report issued by AAA have gas prices hitting their higest average levels since 2014, at $3.40 a gallon, and the last time anyone in Connecticut paid $4 dollars a gallon for gas was back in 2008.

I noticed the $4 dollar a gallon price on my way to work yesterday at the gas stations at the four corners in Brookfield. Now to be fair, these stations usually sell their gas for a little more then the local average, but what I've learned is that these stations are basically a prelude of things to come at other stations in the area.

Thanks to gasprices.aaa.com, here's the most recent stats of Connecticut gas prices as of Friday, (February 18).

Current Avg.$3.668$3.952$4.154$4.044
Yesterday Avg.$3.663$3.938$4.156$4.034
Week Ago Avg.$3.606$3.893$4.117$3.968
Month Ago Avg.$3.488$3.803$4.017$3.706
Year Ago Avg.$2.635$2.892$3.115$2.945

So what's fueling this fast rise in prices? There are three main reasons that most economists attribute to the higher prices at the pump and they include:

  1. Demand is up as Americans take to the road again since the  COVID-19 pandemic lock downs ended
  2. US oil production and refining haven't kept up with the increased demand
  3. Energy markets around the world are in a crunch

Now if that news is not bad enough, the same economists are projecting that prices will continue to rise, and could easily hit over $4 dollars a gallon for unleaded regular, and as bad as close to or over $5 dollars a gallon for premium.

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