Gas prices surge as price of crude oil reaches highest level since 2014

Gas prices surge as price of crude oil reaches highest level since 2014



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Regional gas prices surged again this week after oil prices jumped to nearly $67 per barrel, the highest level since 2014.

Fears of military action in Syria and a trade conflict with China are the main drivers of the price rally with the summer travel season just six weeks away. 

Central Connecticut motorists are paying an average of $2.79 a gallon, up from $2.60 a month ago, and $2.49 a year ago. Fuel costs are not expected to level off or drop any time soon, nor are they expected to reach $3, according to AAA.

According to GasBuddy.com, U.S. oil inventories stand 20-percent lower than a year ago, the result of higher crude oil exports and OPEC’s agreement to cut oil production, now in its fifteenth month. Other issues driving prices up include refinery maintenance and the switchover to summer gasoline.

The lowest prices in the last 36 hours in Meriden are at the Classic Station, 365 S. Broad St. near Green Road, at $2.61, followed by Valero on East Main Street at $2.63.   

In Wallingford, BJ’s at 1046 N. Colony Road, near Yale Avenue has the lowest price at $2.59, followed by Global on Center Street at $2.61. 

Southington’s lowest price can be found at Fleet on the Meriden-Waterbury Turnpike near Marion Avenue at $2.57, followed by BJ”s at Spring and Queen Streets at $2.61.

Cheshire motorists will find the lowest price at the Main Street Gulf for $2.63, and the same price at the Citgo on Maple and Highland Avenues. 

“Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights,” said Jeanette Casselano, AAA spokesperson. “Consumers can expect gas prices to increase another 5 to 10 cents this season, but the national average is not expected to reach the $3 mark.”

AAA recommends summer travelers account for increased costs in their vacation budgets. 

mgodin@record-journal.com

203-317-2255

Twitter: @Cconnbiz


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