Why gas prices are high and getting higher


Gas prices across the country, including here in CT, are climbing and experts said they'll continue to rise.

"Gas prices are perhaps just a dime away from hitting a peak for the short-term, pending OPEC's meeting in June", DeHaan said.

Gas prices are projected to average $2.74 this summer, which is up from an average of $2.41 a year ago. This compares with the national average that has increased 4.3 cents per gallon in the last week to $2.81/g, according to gasoline price website GasBuddy.com. The state average stood at its highest daily average since September 2017 and was 7 cents more than last week, 16 cents more than a month ago and 47 cents more than past year.

AAA estimates prices will continue rising may another 10 cents through Memorial Day, and then stabilize, but probably won't go back down, Spiegel said.

Consider yourself fortunate, though, if you buy gas in Wichita. OR gas prices have increased 11 cents from April levels.

As drivers fill up at the pump, they're noticing a difference in prices.

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Fuel prices usually rise across Canada and the United States during the annual spring maintenance cycle at refineries, which tightens supply, said fuel market analyst Michael Ervin, senior vice-president at the Kent Group Ltd.

Monday prices in Wichita averaged $2.49 for regular, $2.69 for mid, $2.89 for premium and $2.90 for diesel, AAA lists online.

Meanwhile, demand slipped last week, contributing to the growth in gasoline stocks. Oil stocks rose 0.1 percent and gasoline climbed 0.4 percent.

Gas prices vary by region, and the most expensive in our state is Fairfield County, where a gallon of gas in Bridgeport averages $3.02.

For all of 2018, the agency expects that the national retail price for all grades of gasoline will average $2.76 a gallon. Fuel costs are going up, just in time for summer. Last week the price hit its highest level since December 2014 at $68.64.

Total U.S. crude oil output increased to 10.586 million barrels per day.