Up, up and away!
It seems like that’s what’s going on these days at the gas pumps. And it ain't fun to watch.
In Connecticut and across the country the price at the pump has jumped more than 10 cents per gallon over the past two weeks. On average we're paying $2.79 a gallon to fill up in Connecticut.
Just in time for the summer travel season, some are predicting $3.00 a gallon for the national average. Jim McPherson from AAA says we should plan on prices we see now as the floor and not the ceiling and we could easily be paying $3.50 a gallon before the summer is over.
So what’s causing this pain we’re feeling? The price of crude oil has doubled in the last 4 months. Analyst say the U.S. oil refineries are running about 7% below normal for this time of year, mostly due to a low demand for fuel. The refiners are working at reduced levels to try to maximize their profits during the summer season.
According to AAA’s fuel gauge report, the lowest gas in the country right now is around $2.46 a gallon; you’ll find that in South Carolina.